Use PMT= to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $130,000 20-year fixed-rate mortgage at 4.5% 1697 a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ (Use the answer from part a to find this answer. Round to the nearest cent as needed.) b. Fill out the loan amortization schedule for the first three months of the mortgage below. Payment Number Interest $ ST $ 3 (Use the answer from part a to find these answers. Round to the nearest cent as needed.) 1 2 Principal S $1 $ Loan Balance $ $ $

Use PMT= to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $130,000 20-year fixed-rate mortgage at 4.5% 1697 a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ (Use the answer from part a to find this answer. Round to the nearest cent as needed.) b. Fill out the loan amortization schedule for the first three months of the mortgage below. Payment Number Interest $ ST $ 3 (Use the answer from part a to find these answers. Round to the nearest cent as needed.) 1 2 Principal S $1 $ Loan Balance $ $ $

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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Next question Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $120,000 20-year - nt 1- fixed-rate mortgage at 4%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. ..... a. The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.)
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Consider a home mortgage of $150,000 at a fixed APR of 6% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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