Question

Given selling price $140,000; 20 percent down payment; 10 ½ percent for 25 years: Calculate: A....

Given selling price $140,000; 20 percent down payment; 10 ½ percent for 25 years:

Calculate:

A. Amount of mortgage

B. Monthly payment

C. Interest portion of 1st payment

D. Principal portion of 1st payment

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Answer #1

Ans A. Amount of mortgage : $ 112000

B. Monthly payment : $ 1057.48

C. Interest portion of 1st payment : $ 980.00

D. Principal portion of 1st payment : $ 77.48

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