e decided to become a homeowner with the purchase of a condominium in a newly redeveloped part of town. The condo costs $300,000 and you have a down payment of $90,000, so you will be carrying a mortgage of $210,000. If you take on a 5-year mortgage with a 25-year amortization period at a rate of 4.5% (compounded semiannually), with monthly payments, determine the following: a. Your monthly payment. b. The total interest and total principal paid over the first 5 years. The answers are: a. 1,162.29 b. $25,628.10; $44,109.30. I need to know how to get the answer of b
e decided to become a homeowner with the purchase of a condominium in a newly redeveloped part of town. The condo costs $300,000 and you have a down payment of $90,000, so you will be carrying a mortgage of $210,000. If you take on a 5-year mortgage with a 25-year amortization period at a rate of 4.5% (compounded semiannually), with monthly payments, determine the following: a. Your monthly payment. b. The total interest and total principal paid over the first 5 years. The answers are: a. 1,162.29 b. $25,628.10; $44,109.30. I need to know how to get the answer of b
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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You have decided to become a homeowner with the purchase of a condominium in a newly redeveloped part of town. The condo costs $300,000 and you have a down payment of $90,000, so you will be carrying a mortgage of $210,000. If you take on a 5-year mortgage with a 25-year amortization period at a rate of 4.5% (compounded semiannually), with monthly payments, determine the following:
a. Your monthly payment.
b. The total interest and total principal paid over the first 5 years.
The answers are: a. 1,162.29 b. $25,628.10; $44,109.30. I need to know how to get the answer of b
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