The Johnsons will buy a house for $348,000.00. They will get a 30 year loan for...

The Johnsons will buy a house for $348,000.00. They will get a 30 year loan for 4.63% annual interest rate compounded monthly. Calculate the payment needed for this loan and put your answer in F6. Then fill out the amortization schedule for the first year. After the table is done find the total interest paid in the first year and the total paid to principle for the first year. ON EXCELL!!

Expert Solution

Answer:

payment needed for this loan = $ 1790.25 p.m

total interest paid in the first year = $15996.95

total principle paid in the first year = $5486.01

Rahul Sunny answered 1 year ago

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