You borrow $675,000 to buy a home using a 30-year mortgage with an interest rate of...

You borrow $675,000 to buy a home using a 30-year mortgage with an interest rate of 3.675 percent and monthly payment. Calculate the interest portion of the 20th payment. Disregard property taxes and mortgage insurance.

Group of answer choices

$2,006

$1,999

$2,002

$1,818

$1,821

Solutions

Expert Solution

Calculations-

Please upvote if the answer is helpful.In case of doubt,do comment.Thanks.

As no method was mentioned I have solved the problem using excel function.

jeff jeffy answered 1 year ago

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