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Without excel or excel steps Review Question 2 Suppose you bought a house 12 years ago...

Without excel or excel steps

Review Question 2 Suppose you bought a house 12 years ago with a 30-year mortgage for $200,000. The mortgage has a fixed interest rate of 7 percent compounded monthly. (a) What are the monthly mortgage payments? (b) What is the amount if you pay off your mortgage today? You just made the recent mortgage payment earlier today. A. monthly mortgage payments ? B. of 360 payments 144 done, 216 left but I made one today 3-25-2019 so 215 left how do you find out what the pay off if you wanted to payoff house today?

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Expert Solution

AS SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

As you are paying off mortgage today, we have to take 216 instalments left and not 215.

it is already given that you made one payment earlier today, that means 144th payment is done. and 216 are left. Thank you

jeff jeffy answered 1 year ago
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