please answer both parts Sofie Uretsky is buying a house that cost $225,000. She makes a...

please answer both parts

Sofie Uretsky is buying a house that cost $225,000. She makes a 15% down payment and she is expected to make monthly payments for the next 15 years on the balance of the loan which she is financing at 3.5% APR. With the given information, construct an amortization table and answer the following questions:

c) What will the remaining balance be on the loan after she makes the 60th payment?

d) What percentage of the total payments is paid to interest for the first three years (= total interest payments for the first 36 months / total payments for the first 36 months)?

Solutions

Expert Solution

c) After 60th payment $138,261 principal amount is left and installment of $164,065 is left to be paid.

d) Interest Paid till 36th payment = $18,543.61

Amout paid total till 36th month = $49,219.66

Percentage = 37.675%

jeff jeffy answered 1 year ago

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