On January 1, 20X1, you find the perfect home for you and your budding family. The home will cost $115,000. Because you paid so much attention in your accounting courses, you worked hard to earn a good credit score. You secured financing for your new home with a 15-year, fixed rate mortgage at 12%. Your first monthly payment is due January 31. a. Calculate your monthly payment amount. (PVA (180, 1%) = 83.32166) Create the loan amortization schedule (table) for the first five payments %3D b. C. Record the first three journal entries. d. What is the total cash paid for your new home?
On January 1, 20X1, you find the perfect home for you and your budding family. The home will cost $115,000. Because you paid so much attention in your accounting courses, you worked hard to earn a good credit score. You secured financing for your new home with a 15-year, fixed rate mortgage at 12%. Your first monthly payment is due January 31. a. Calculate your monthly payment amount. (PVA (180, 1%) = 83.32166) Create the loan amortization schedule (table) for the first five payments %3D b. C. Record the first three journal entries. d. What is the total cash paid for your new home?
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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Transcribed Image Text:On January 1, 20X1, you find the perfect home for you and your budding family. The home will
cost $115,000. Because you paid so much attention in your accounting courses, you worked
hard to earn a good credit score. You secured financing for your new home with a 15-year, fixed
rate mortgage at 12%. Your first monthly payment is due January 31.
Calculate your monthly payment amount. (PVA (180, 1%) = 83.32166)
Create the loan amortization schedule (table) for the first five payments
а.
%3D
b.
C.
Record the first three journal entries.
d. What is the total cash paid for your new home?
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