You plan to purchase a $140,000 house using a 15-year you is 6.25 percent. You will make a down payment of rortgage otained from your local credit union. The mortgage rate offered to percer of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25th payment. c. Calculate the amount of interest and, separately, principal paid in the 140th payment. d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
You plan to purchase a $140,000 house using a 15-year you is 6.25 percent. You will make a down payment of rortgage otained from your local credit union. The mortgage rate offered to percer of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25th payment. c. Calculate the amount of interest and, separately, principal paid in the 140th payment. d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
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 plan to purchase a $140,000 house using a 15-year rortgage otained from your local credit union. The mortgage rate offered to
you is 6.25 percent. You will make a down payment of 1 percen' of the purchase price.
a. Calculate your monthly payments on this mortgage.
b. Calculate the amount of interest and, separately, principal paid in the 25th payment.
c. Calculate the amount of interest and, separately, principal paid in the 140th payment.
d. Calculate the amount of interest paid over the life of this mortgage.
(For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
a Monthly payment
Amount of interest
Amount of principal
b.
Amount of interest
Amount of principal
d. Amount of interest paid
C.
$
Amount
1,020.33
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