Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 24PROB
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1. Jason and Coretta agreed to pay $559,000 for a four-bedroom colonial home with a $70,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%.
How much is their monthly payment?
Monthly payment $
Complete the table for the breakdown of the first payment.
Portion to ---
Payment number 1
Interest $_______________
Principal $______________
Balance of loan outstanding $________________________
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