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For a 30-year house mortgage of $300,000 at 5.3% interest, find the following. (Round your final...

For a 30-year house mortgage of $300,000 at 5.3% interest, find the following. (Round your final answers to two decimal places.)

(a) the amount of the first monthly payment that goes to repay principal
$

(b) the amount of the 181st month's payment (after 15 years) that goes toward payment of principal
$

Solutions

Expert Solution

a)

The amount of the first monthly payment is $340.91

b)

The amount of the 181st month's payment is $753.61

jeff jeffy answered 1 year ago
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