Daniel and Jan agreed to pay $569,000 for a four-bedroom colonial home in Waltha

Question

Daniel and Jan agreed to pay $569,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 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 outstanding Interest Principal 1 $ $ $

TABLE 15.1Amortization table (mortgage principal and interest per $1,000) INTEREST Term 5% 55% 6% 64% 7% 71% 8% 85% 9% 9% 10% 10% 11% in years 10 12 9.89 10.6 10.86 36 .62 1.88 12.14 12.40.67 2.94 13.22 3.50 13.78 8.52 7.15 7.9 8.18 8.44 8.72 8.99 9.28 9.56 9.85015 10.45 10.75 1.06 1.37 6.52 7.29 7.56 7.84 8.12 8.40 8.69 8.99 9.299.9 9.90 10.22 0.54 0.86 5.80 6.60 6.88 7.17 746 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 5.44 6.20 6.51 5.01 4.50 5.37 5.68 6.00 6.33 6.66 7.00 7.34 7.69 8.41 3.99 5.055.38 5.7 9.25 9.51 9.76 0.02 0.29 0.56 0.83 I1 1.39 I67 11.96 2.25 2.54 17 20 6.82 7.13 7.44 7.75 8.07 8.39 8.72 9.05 9.39 9.73 0.08 25 30 35 5.85 6.156.45 6.76 7.07 7.39 7.72 8.068.40 8749.09 9.45 9.8 8.78 9.15 9.53 7.477.848.22 8.60 8.99 9.37 6.05 6.39675 7.1

Explanation / Answer

$3054

(509*$6.00)

(a). Monthly payment is $3054.

(b). After first payment, the balance of the principal is $509,000

selling price of home Down payment Principal(loan) Rate of interest Years Payment per $1000 Monthly mortgage payment $569,000 $60,000 $509,000 6% 30 $6.00

$3054

(509*$6.00)

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