Use PMT to detormine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $160,000 30-yoar fixed-rate mortgage at 4%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 763.80. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ 114989.60. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) b. Fil out the loan amortization schedule for the first three months of the mortgage below. Payment Number Interest Principal Loan Balance 2 3. (Use the answer from part a to find these answers. Round to the nearest cent as needed.)

Use PMT to detormine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $160,000 30-yoar fixed-rate mortgage at 4%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 763.80. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ 114989.60. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) b. Fil out the loan amortization schedule for the first three months of the mortgage below. Payment Number Interest Principal Loan Balance 2 3. (Use the answer from part a to find these answers. Round to the nearest cent as needed.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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