The cost of a home is financed with a $160,000, 30- year fixed-rate mortgage at 4.2%. The monthly payment for the loan is $782. For the first payment, what are interest payment, principal payment, and the balance of the loan? (Round to the nearest cent) 1. Interest payment 2. Principal payment 3. The balance of the loan.
The cost of a home is financed with a $160,000, 30- year fixed-rate mortgage at 4.2%. The monthly payment for the loan is $782. For the first payment, what are interest payment, principal payment, and the balance of the loan? (Round to the nearest cent) 1. Interest payment 2. Principal payment 3. The balance of the loan.
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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