Question

On Dec 31, 2006 you bought your first house for a listed price of $220,000. You paid $30,000 cash out of pocket as a down payment and for the remaining balance you arranged a 30-year mortgage loan with a 6% nominal interest rate with the first payment to be paid on Jan 31, 2007. How much interest will you have to pay for year 2010?

Answer #1

Loan amount | 190000 |

Term of loan | 360 |

Rate of interest | 6% pa |

Payments already made | 3*12=36 |

Payments in 2010 | payment no 37 to 48 |

Interest paid in 2010 | -10877.63034 |

WORKINGS

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Question 12
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