Problemsuppose you are buying your first house for 400000, Ask an Expert

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Problem:

Suppose you are buying your first house for $400,000 with 20% down payment. You have arranged to finance the remaining amount with a 30-year, monthly payment, amortized mortgage at nominal annual rate of 3.6%.

Task:

Question 1: What is the monthly mortgage payment?

Question 2: For the 120th payment, what is the break down between interest payments vs. principal payment?

Question 3: What is the remaining balance after 25 years with 300 monthly payments?

Give details comprehensively as well as show all workings.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91147104

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