Calculate the required monthly mortgage payment

Reference no: EM131795367

Qusetion: Mortgage Loan Analysis: Mr. Davidson plans to buy a house at Sugar Land in May 2017. The sale price is $580,000. He is going to pay 20% down payments and borrow additional 80% from Bank of America with a 15-year, 3.8% fixed-rate mortgage loan. He is expected to pay an equal MONTHLY payment starting from June 2017 for a total of 15 years.

(1) Calculate the required monthly mortgage payment for Mr. Davidson.

(2) Construct the 2017~2025 amortization table for Mr. Davidson.

(1) When Mr. Davidson prepares his 2017 tax filing, what is the total mortgage interest payment that he can consider for deduction?

Reference no: EM131795367

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