Lisa mortgaged $100,000 for thirty years at 7% for a condiminium. (Round entries
ID: 3013377 • Letter: L
Question
Lisa mortgaged $100,000 for thirty years at 7% for a condiminium. (Round entries to the nearest cent) a. Find the monthly payments b. Find the total interest for the loan c. Prepare a loan amortization schedule for the first three months of the loan Lisa mortgaged $100,000 for thirty years at 7% for a condiminium. (Round entries to the nearest cent) a. Find the monthly payments b. Find the total interest for the loan c. Prepare a loan amortization schedule for the first three months of the loan a. Find the monthly payments b. Find the total interest for the loan c. Prepare a loan amortization schedule for the first three months of the loanExplanation / Answer
Given that p=100,000,T=30,R=7%
I=PTR÷100
=100000×30×7÷100
=210000
Interest for 1 year =210000÷30
=7000
Interest for one month =7000÷12
=566.6
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