Question
In: Finance
You have just purchased a new home and have taken out a mortgage loan for $300,000...
You have just purchased a new home and have taken out a mortgage loan for $300,000 at an interest rate of 4.00% and a maturity of 30 years. You will make 360 equal monthly payments. What is the amount of your monthly payment? Please fill in the amortization schedule below for the first two months (month1 and 2) of the 360 months that you will be paying on the mortgage.
Hint: PVA = Payment [1-(1+r)^-N / r]
Please fill in the amortization schedule below for the first two months of the 360 months that you will be paying on the mortgage.
First two Months of Amortization table:
Repayment Remaining
Month Payment Interest of Principal Principal Balance
1
2
Solutions
Expert Solution
SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE
jeff jeffy answered 1 month agoRelated Solutions
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