You are buying a house for $200,000.00 with a downpayment of $40,000.00. The loan will be paid back over 15 years with monthly payments of $1,307.33. If the interest rate is 5.5% 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 $ (Round to 2 decimal places.)
You are buying a house for $200,000.00 with a downpayment of $40,000.00. The loan will be paid back over 15 years with monthly payments of $1,307.33. If the interest rate is 5.5% 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 $ (Round to 2 decimal places.)
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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