Answer to Question #121009 in Finance for Rosi

Question #121009
I. A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payments.
II. Fill out the loan amortization schedule provided in the solution template for the first 5 loan payments. What do you notice about the composition of the payment amount?
1
Expert's answer
2020-06-09T17:05:16-0400


I. 326 000-75 000=251 000

interests=727 056-251 000=476056

A=2019.60

II. the loan amortization schedule:





As part of the amount of payments, the principal amount and interest for using the loan


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