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Daniel and Jan agreed to pay $551000 for a fourbedroom colonial home in Waltham Massachusetts with a $60000 down payment They have a 30 year mortgage at a fixed rate of

Daniel and Jan agreed to pay $551,000 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%.

a.

How much is their monthly payment? (Do not round intermediate calculations. Round your answer to the nearest cent.)

  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 cent.)

Payment number

Portion to—

  Balance of loan
outstanding
    Interest      Principal
1 $       $       $

Apr 09 2020 Read more Less More

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