Problem #3: Create a table showing the payment of a mortgage of $221,000 month by month. Create columns for: - Time (in years) Problem #3(a): Problem #3(b): Problem #3(c): Problem #3(d): Interest (for that month) Payment (always the same value) - Payment against principal Remaining Principal The mortgage is to last 26 years, and the nominal interest rate is 4.13% (a) What is the monthly payment? (b) What is the interest paid at the end of the 9th month? (c) How much of the principal is paid down by the payment made at the end of the 22nd month? (d) The first time that the portion of a monthly payment that is paying down the principal will be larger than the portion paying interest will occur at the end of month number Answer correct to 2 decimals Answer correct to 2 decimals Answer correct to 2 decimals

Problem #3: Create a table showing the payment of a mortgage of $221,000 month by month. Create columns for: - Time (in years) Problem #3(a): Problem #3(b): Problem #3(c): Problem #3(d): Interest (for that month) Payment (always the same value) - Payment against principal Remaining Principal The mortgage is to last 26 years, and the nominal interest rate is 4.13% (a) What is the monthly payment? (b) What is the interest paid at the end of the 9th month? (c) How much of the principal is paid down by the payment made at the end of the 22nd month? (d) The first time that the portion of a monthly payment that is paying down the principal will be larger than the portion paying interest will occur at the end of month number Answer correct to 2 decimals Answer correct to 2 decimals Answer correct to 2 decimals

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

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 7FPE

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