You are financing a new home. The loan is for $191,000 and you are getting rate of 4.1% per year. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To get the ball rollng, you are working extra hours and expect to pay an extra $410 per month to knock down the principle. You make these payments for 4 years starting on month 1. The last payment is on month 48. Build the amortization table. What month will you make your last payment? How much will the last payment be?
You are financing a new home. The loan is for $191,000 and you are getting rate of 4.1% per year. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To get the ball rollng, you are working extra hours and expect to pay an extra $410 per month to knock down the principle. You make these payments for 4 years starting on month 1. The last payment is on month 48. Build the amortization table. What month will you make your last payment? How much will the last payment be?
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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![You are financing a new home.
The loan is for $191,000 and you are getting rate
of 4.1% per year.
You have decided on a 15 year mortgage and will
make monthly payments (end of the month).
To get the ball rollng, you are working extra hours
and expect to pay an extra $410 per month to
knock down the principle.
You make these payments for 4 years starting on
month 1. The last payment is on month 48.
Build the amortization table.
What month will you make your last payment?
How much will the last payment be?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe9565dbe-dfe3-4425-a530-c59aca01706c%2Fb2bf5526-6462-4d08-a7e3-f52a62993517%2Fz24det_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You are financing a new home.
The loan is for $191,000 and you are getting rate
of 4.1% per year.
You have decided on a 15 year mortgage and will
make monthly payments (end of the month).
To get the ball rollng, you are working extra hours
and expect to pay an extra $410 per month to
knock down the principle.
You make these payments for 4 years starting on
month 1. The last payment is on month 48.
Build the amortization table.
What month will you make your last payment?
How much will the last payment be?
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