Question 10 (of 10) 10. value 2.00 points Daniel and Jan agreed to pay $552,000

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Question 10 (of 10) 10. value 2.00 points Daniel and Jan agreed to pay $552,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $50,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%. (Use Table 15.1) a. How much is their monthly payment? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Monthly payment b. After the first payment, what would be the balance of the principal? (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Payment number Portion to- Balance of loan Interest Princ Hints References eBook & Resources Hint#1

Explanation / Answer

monthly payment

=(552000-50000)/((1-(1+(6%/12))^(-30*12))/(6%/12))

=3009.74

the above is answer

b.

interest=502000*6%/12=2510

principal=3009.74-2510=499.74

loan outstanding=502000-499.74=501500.26

the above is answers..

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