A couple buys a house for $ 900,000 paying $ 50,000 in cash. They get...
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A couple buys a house for $ 900,000 paying $ 50,000 in cash. They get a loan of $ 850,000 to repay in 30 years at an interest of 3.4% through monthly payments of $3,200. How much of the first three payments correspond to interest and what amount to actually decrease to debt? Solve it by filling out the following amortization table; Debt (1) Monthly payment (2) I=Pit (3) Monthly payment- (4) Balance (1-4) (5) 850 000 3 200 850 000 (034)(1/12)
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