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A home is purchased for $169050. The homeowner pays $33810 down and finances the balance for...

A home is purchased for $169050. The homeowner pays $33810 down and finances the balance for 25 years at 7.25% compounded monthly.

a. Find the size of the payments rounded up to the next cent. $

b. How much of the first payment is interest? $

c. How much is still owed on the loan just after 140 payments. $

d. What is the owner's equity after 140 payments? $

e. How much is owed just before the 140 payment is actually made? $

Solutions

Expert Solution

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

jeff jeffy answered 2 years ago
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