Use PMT= to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $160,000 30-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 $ (Do not round until the final answer. Then round to the nearest cent as needed) The total interest for the loan is 5 (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 1 2 Interest $ Principal $ $ $ 3 Use the answer from part a to find these answers. Round to the nearest cent as needed.) Loan Balance $
Use PMT= to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $160,000 30-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 $ (Do not round until the final answer. Then round to the nearest cent as needed) The total interest for the loan is 5 (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 1 2 Interest $ Principal $ $ $ 3 Use the answer from part a to find these answers. Round to the nearest cent as needed.) 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=
to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $160.000 30-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
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 5
(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
$
Principal
$
$
1
2
3
(Use the answer from part a to find these answers. Round to the nearest cent as needed.)
Loan Balance
$
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