(Components of an annuity payment) You take out a 25-year mortgage for 300,000 to buy a...

(Components of an annuity payment) You take out a

25-year

mortgage for

300,000

to buy a new house. What will your monthly payments be if the interest rate on your mortgage is

percent? Use a spreadsheet to calculate your answer. Now, calculate the portion of the

48th

monthly payment that goes toward interest and principal. Use five decimal places for the monthly interest rate in your calculations.

a. Using a spreadsheet to calculate your answer, your monthly payments will be

$_____

(Round to the nearest cent.)b. The portion of the

48th

monthly payment that goes toward interest is

$___.

(Round to the nearest cent.)The portion of the

48th

monthly payment that goes toward principal is

$___.

(Round to the nearest cent.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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​(Components of an annuity​ payment) You take out a 25​-year mortgage for 300,000 to buy a...

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(Components of an annuity payment) You take out a 25-year mortgage for 300,000 to buy a...