Compute the required monthly payment on $80,000 30-year, fixed-rate mortgage with a nominal interest rate of 6%. Answer the following questions: How many payment periods do you have? N = 360What is the monthly interest rate? I = 0.06/12What is the present value of the mortgage? PV = 80,000What is the future value of the mortgage? FV = 0What will be the monthly mortgage payment applying the PVIFA table?How much of the payment goes toward principal and interest during the first 3 month if the monthly payment is? You have to build the amortization table.

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Answered: Compute the required monthly payment on…

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

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Compute the required monthly payment on $80,000 30-year, fixed-rate mortgage with a nominal interest rate of 6%. Answer the following questions:

How many payment periods do you have? N = 360
What is the monthly interest rate? I = 0.06/12
What is the present value of the mortgage? PV = 80,000
What is the future value of the mortgage? FV = 0
What will be the monthly mortgage payment applying the PVIFA table?
How much of the payment goes toward principal and interest during the first 3 month if the monthly payment is? You have to build the amortization table.

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