FINANCE-You buy a house, value of house is 1,000,000 and down payment of 20%

FINANCE-You buy a house, value of house is 1,000,000 and down payment of 20%

FINANCE-You buy a house, value of house is 1,000,000 and down payment of 20%

You buy a house, value of house is 1,000,000 and down payment of 20%You borrow the rest and the bank gives a rate of 6% for 15 years ( monthly payment )1) What is your monthly payment ?2) Of the first payment how much isprinciple (4000), how much is interest?3) Find thebalance of loan at end of 7 years?4) Over7 year periodwhat is yourprinciplereduction? what is interest ?5)Set up amortization table

 

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