Use PMT= n -nt to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ 74,461. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) b. Fill out the loan amortization schedule for the first three months of the mortgage below. Payment Number Interest $ 1 2 $ 3 $ (Use the answer from part a to find these answers. Round to the nearest cent as needed.) Principal $ $ $ ... Loan Balance $ $ $
Use PMT= n -nt to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ 74,461. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) b. Fill out the loan amortization schedule for the first three months of the mortgage below. Payment Number Interest $ 1 2 $ 3 $ (Use the answer from part a to find these answers. Round to the nearest cent as needed.) Principal $ $ $ ... Loan Balance $ $ $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Use PMT=
P
1- (₁ + -)
-nt
to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%..
a. Find the monthly payments and the total interest for the loan.
b. Prepare a loan amortization schedule for the first three months of the mortgage.
a. The monthly payment is $ 1101.92.
(Do not round until the final answer. Then round to the nearest cent as needed.)
The total interest for the loan is $ 74,461.
(Use the answer from part a to find this answer. Round to the nearest cent as needed.)
b. Fill out the loan amortization schedule for the first three months of the mortgage below.
Payment Number
Interest
$
1
2
$
3
$
(Use the answer from part a to find these answers. Round to the nearest cent as needed.)
Principal
$
$
$
...
Loan Balance
$
$
$
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