Home / Questions / Daniel and Jan agreed to pay $551000 for a fourbedroom colonial home in Waltham Massachuse...
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 | $ | $ | $ |
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