You are buying a house for $120,000.00 with a downpayment of $12,000.00. The loan will be paid back over 25 years with monthly payments of $558.21. If the interest rate is 3.8% compounded monthly, what would the unpaid balance be immediately after the twenty-ninth payment? What is the equity after the twenty-ninth payment?
You are buying a house for $120,000.00 with a downpayment of $12,000.00. The loan will be paid back over 25 years with monthly payments of $558.21. If the interest rate is 3.8% compounded monthly, what would the unpaid balance be immediately after the twenty-ninth payment? What is the equity after the twenty-ninth payment?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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You are buying a house for $120,000.00 with a downpayment of $12,000.00. The loan will be paid back over 25 years with monthly payments of $558.21. If the interest rate is 3.8% compounded monthly, what would the unpaid balance be immediately after the twenty-ninth payment? What is the equity after the twenty-ninth payment?
The unpaid balance would be $. (Round to 2 decimal places.)
The equity would be $
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