A home is purchased for $230,000 with an amortized loan over 15 years at an interest rate of 4.4%. Complete an amortized loan schedule in a spread sheet and answer the following questions. a. Find the balance owed after 5 years b. Determine the cost of the loan (interest). c. If an extra $100 a month is paid towards the balance find the new number of payments and the total cost of the loan.

A home is purchased for $230,000 with an amortized loan over 15 years at an interest rate of 4.4%. Complete an amortized loan schedule in a spread sheet and answer the following questions. a. Find the balance owed after 5 years b. Determine the cost of the loan (interest). c. If an extra $100 a month is paid towards the balance find the new number of payments and the total cost of the loan.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter9: Obtaining Affordable Housing

Section: Chapter Questions

Problem 5DTM

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