A house costs $185,000. The terms of the sale are 20% down and the remainder to be paid in monthly payments for 20 years at an annual rate of 6.75% compounded monthly.
Construct the payment schedule for the first 3 payments by filling in the table below
The cost of the house is $185,000.
20% of $185,000 is paid as down payment and the remaining amount should be paid in monthly installments for 20 years at 6.75%.
Compute the amount of down payment as follows.
Since 20% of $185,000 is paid as down payment, obtain the 20% of 185,000.
down payment = $185,000(20%)
Thus, the down payment is $37,000.
So, for the period 0, there is no interest, cumulative interest or principle amount.
Now, compute the balance amount after the 0 period.
Subtract the down payment from the cost of the house.
$185,000 - $37,000 = $148,000.
Thus, the balance amount that should be paid after peroid 0 is $148,000.
Now compute the monthly payment amount as follows.
Since the annual interest rate is given as 6.75%, its monthly interest rate will be (6.75%)/...
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