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4) (22 points) Sam just borrowed $500,000 to purchase a new home. The loan is for 30 years at a nominal rate of 6% per y
Posted: Sun Jul 03, 2022 3:52 pm
by answerhappygod
- 4 22 Points Sam Just Borrowed 500 000 To Purchase A New Home The Loan Is For 30 Years At A Nominal Rate Of 6 Per Y 1 (17.2 KiB) Viewed 12 times
- 4 22 Points Sam Just Borrowed 500 000 To Purchase A New Home The Loan Is For 30 Years At A Nominal Rate Of 6 Per Y 2 (17.2 KiB) Viewed 12 times
4) (22 points) Sam just borrowed $500,000 to purchase a new home. The loan is for 30 years at a nominal rate of 6% per year compounded monthly. a) (4 points) What is Sam's monthly payment? b) (6 points) Sam would like to know how much money he would still owe the bank after making regular monthly payments for 5 years, i.e., 60 monthly payments. c) (6 points) How much of the first payment will be interest? What will be the interest portion of the 61" payment?