Find the first month of the amortization schedule for a fixed-rate mortgage if the loan amount is $170,000 with an inter
Posted: Sun Jul 03, 2022 12:54 pm
Find the first month of the amortization schedule for afixed-rate mortgage if the loan amount is $170,000 with an interestrate of 6.5% on a 15-year loan. All work must be shown.
Payment 1: (a) Total payment: (use the table or the paymentformula)
(b) Interest payment:
(c) Principal payment
(d) Balance of principal
Payment 1: (a) Total payment: (use the table or the paymentformula)
(b) Interest payment:
(c) Principal payment
(d) Balance of principal