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You just bought a house and borrowed 15-year mortgage at 5% APR, compounded monthly. Your loan...

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Finance

You just bought a house and borrowed 15-year mortgage at 5% APR,compounded monthly. Your loan amount is $250,000.

  1. Calculate your monthly payment

  2. Calculate the principal and interest portions of your 1st andlast payment

  3. Calculate how much principal and interest you paid within 5years and your outstanding balance at the end of the fifthyear.

Answer & Explanation Solved by verified expert
4.4 Ratings (555 Votes)
Amount borrowed PV 250000 Number of monthly installments to be paid N 1512 180 Monthly interest rate I 512 04167 monthly payment PMT Using financial calculator or PMT function in excel    See Answer
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Transcribed Image Text

You just bought a house and borrowed 15-year mortgage at 5% APR,compounded monthly. Your loan amount is $250,000.Calculate your monthly paymentCalculate the principal and interest portions of your 1st andlast paymentCalculate how much principal and interest you paid within 5years and your outstanding balance at the end of the fifthyear.

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