Mary Joy Dela PAz purchased a house worth 188,686 with a down payment of 36,866 and monthly payments for 15 years. At 21% compounded monthly, (1) determine the monthly payment; (2) How much of the first payment goes for the interest and how much for the principal? (3) How much does she still owe just after making the 86th payment? (4) How much of the 116th payment goes for the interest and how much for the principal?
Mary Joy Dela PAz purchased a house worth 188,686 with a down payment of 36,866 and monthly payments for 15 years. At 21% compounded monthly, (1) determine the monthly payment; (2) How much of the first payment goes for the interest and how much for the principal? (3) How much does she still owe just after making the 86th payment? (4) How much of the 116th payment goes for the interest and how much for the principal?
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 64IIP
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Transcribed Image Text:* Mary Joy Dela PAz purchased a house worth 188,686 with a down payment of 36,866 and monthly
payments for 15 years. At 21% compounded monthly,
(1) determine the monthly payment;
(2) How much of the first payment goes for the interest and how much for the principal?
(3) How much does she still owe just after making the 86th payment?
(4) How much of the 116th payment goes for the interest and how much for the principal?
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