Nate bought a home for $143,000 with a down payment of $15,000. Nate's rate of interest is 6.75% for 20 years. Calculate his:A. Monthly paymentNote: Round your answer to the nearest cent.B. First payment broken down into interest and principalNote: Round your "Principal" answer to the nearest cent.C. Balance of mortgage at end of monthNote: Round your answer to the nearest cent.

When we buy a large ticket item like a home we usually take loan for that. The loan is repaid…

Answered: Nate bought a home for $143,000 with a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Devin received a 15 year loan of $305,000 to purchase a house. The interest rate on the loan was 4.10% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 4? Round to the nearest cent
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