- mortgage payment assistance
- unsecured business loan
I just wanted to insure I was doing this question right. I have answers for A,B,C and D but have no idea how to do E can anyone show me please by doing out the steps and showing the correct answer so I can learn how to do it? Thank you!
Here is the question.
The Frost's are buying a house costing $450,000. They will make a $90,000 down payment and finance the rest with a 15 year mortgage charging 6.5% interest compounded bi-weekly.
A) What is the size of each bi-weekly payment? I got $1446.14 as my answer
B) Prepare an amortization table for the Frost's first five mortgage payments. As long as my answer for A is correct I am 100% sure I got this one right.
C) What is the balance owning on the Frost's mortgage loan after 4 years, assuming all payments have been made on schedule up to then? For this I got an answer of $227,708.2
D) What is the total amount of interest paid over the first four years of the mortgage loan?
For this I got an answer of $18,106.8
E) How much of the first payment in the 5th year is interest, and how much is applied against the principal of the mortgage loan? I have no idea how to do this one
Thank you for your time!
Here is the question.
The Frost's are buying a house costing $450,000. They will make a $90,000 down payment and finance the rest with a 15 year mortgage charging 6.5% interest compounded bi-weekly.
A) What is the size of each bi-weekly payment? I got $1446.14 as my answer
B) Prepare an amortization table for the Frost's first five mortgage payments. As long as my answer for A is correct I am 100% sure I got this one right.
C) What is the balance owning on the Frost's mortgage loan after 4 years, assuming all payments have been made on schedule up to then? For this I got an answer of $227,708.2
D) What is the total amount of interest paid over the first four years of the mortgage loan?
For this I got an answer of $18,106.8
E) How much of the first payment in the 5th year is interest, and how much is applied against the principal of the mortgage loan? I have no idea how to do this one
Thank you for your time!
Finance problems (Loans, Savings etc)?
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