Martin is buying a house for $325,000 and he has 15% for a down payment. Find the monthly payment necessary to amortize this mortgage if it is financed at 5.75% for 30 years. Prepare an amortization schedule for the first two months of his mortgage. How much would be paid for this house if the loan were kept to term? How much would be paid in interest? Amount financed: Monthly payment: Total paid if the loan is kept to term: Total interest paid:
Martin is buying a house for $325,000 and he has 15% for a down payment. Find the monthly payment necessary to amortize this mortgage if it is financed at 5.75% for 30 years. Prepare an amortization schedule for the first two months of his mortgage. How much would be paid for this house if the loan were kept to term? How much would be paid in interest? Amount financed: Monthly payment: Total paid if the loan is kept to term: Total interest paid:
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Transcribed Image Text:Martin is buying a house for $325,000 and he has 15% for a down payment. Find the
monthly payment necessary to amortize this mortgage if it is financed at 5.75% for 30 years. Prepare an
amortization schedule for the first two months of his mortgage. How much would be paid for this house
if the loan were kept to term? How much would be paid in interest?
Amount financed:
Monthly payment:
Total paid if the loan is kept to term:
Total interest paid:
End of Month
1
2
Portion towards
interest
Portion towards
principle
Balance of principle
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