Question

1. You have just purchased your dream house on Hawai’i for $500,000. You have been charged an interest rate of 9% APR, compounded monthly, and have entered into a 30-year mortgage with the bank. What are your monthly payments? 2. What are the second month's principal payment and ending balance?

Answer #1

Ans Monthly Payment : $4023.11

second month's principal payment = $273.11

second month's ending balance = $ 491953.77

P = | Regular Payments | |||

PV = | Loan Amount | |||

r = | rate of interest | |||

n = | no of periods | |||

P = | r (PV) | |||

1 - (1 + r )^-n | ||||

P = | (9%/12)*500000 | |||

1 - (1 / (1 + 9%/12)^360)) | ||||

P = | 3750 | |||

0.932113993 | ||||

P = | 4023.11 | |||

Beginning Balance | Interest | Principal | Ending Balance | |

1 | 500000.00 | 3750.00 | 273.11 | 495976.89 |

2 | 495976.89 | 3719.83 | 303.29 | 491953.77 |

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