Use PMT= to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $130,000 20-year fixed-rate mortgage at 4.5% 1697 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 $ (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ (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 $ ST $ 3 (Use the answer from part a to find these answers. Round to the nearest cent as needed.) 1 2 Principal S $1 $ Loan Balance $ $ $
Use PMT= to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $130,000 20-year fixed-rate mortgage at 4.5% 1697 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 $ (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ (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 $ ST $ 3 (Use the answer from part a to find these answers. Round to the nearest cent as needed.) 1 2 Principal S $1 $ Loan Balance $ $ $
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
Related questions
Question
![K
Use PMT=
31¬
[₁-3]
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.
to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $130,000 20-year fixed-rate mortgage at 4.5%.
nt
a. The monthly payment is $
(Do not round until the final answer. Then round to the nearest cent as needed.)
1
2
The total interest for the loan is $
(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
$
3
$
(Use the answer from part a to find these answers. Round to the nearest cent as needed.)
Principal
$
$
$
Loan Balance
$
S
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa935b5b3-550a-4564-9870-ed0c06de3fa7%2F2422d018-2237-4699-8b0d-438b8e387375%2Fxuiz3s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:K
Use PMT=
31¬
[₁-3]
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.
to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $130,000 20-year fixed-rate mortgage at 4.5%.
nt
a. The monthly payment is $
(Do not round until the final answer. Then round to the nearest cent as needed.)
1
2
The total interest for the loan is $
(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
$
3
$
(Use the answer from part a to find these answers. Round to the nearest cent as needed.)
Principal
$
$
$
Loan Balance
$
S
4
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