For a 30-year house mortgage of $175,000 at 4.8% interest, find the following. (Round your final answers to two decimal places.) (a) the amount of the first monthly payment that goes to repay principal $ (b) the amount of the 181st month's payment (after 15 years) that goes toward payment of principal $
For a 30-year house mortgage of $175,000 at 4.8% interest, find the following. (Round your final answers to two decimal places.) (a) the amount of the first monthly payment that goes to repay principal $ (b) the amount of the 181st month's payment (after 15 years) that goes toward payment of principal $
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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For a 30-year house mortgage of $175,000 at 4.8% interest, find the following. (Round your final answers to two decimal places.)
(a) the amount of the first monthly payment that goes to repay principal
$
(b) the amount of the 181st month's payment (after 15 years) that goes toward payment of principal
$
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