For a 30-year house mortgage of $175,000 at 4.8% interest, find the following. (Round your final answers to two decimal places.) (a) the amount of the first monthly payment that goes to repay principal $ (b) the amount of the 181st month's payment (after 15 years) that goes toward payment of principal $
For a 30-year house mortgage of $175,000 at 4.8% interest, find the following. (Round your final answers to two decimal places.) (a) the amount of the first monthly payment that goes to repay principal $ (b) the amount of the 181st month's payment (after 15 years) that goes toward payment of principal $
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
Related questions
Question
For a 30-year house mortgage of $175,000 at 4.8% interest, find the following. (Round your final answers to two decimal places.)
(a) the amount of the first monthly payment that goes to repay principal
$
(b) the amount of the 181st month's payment (after 15 years) that goes toward payment of principal
$
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you