Difference in principle pay down is between two methods

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Reference no: EM131890191

Mortgage loan. You borrow $100,000 for twenty years at 5.25% interest on Halloween, 2017. What is your monthly payment? What is the principal and interest dollar amount breakouts for Nov 2017, Feb 2018, June 2018, and Dec 2018? Assuming no late payments, how much total interest did you pay in 2018, and how much in total principal? What is the ending Balance on Dec. 31, 2018? Regardless of whether you used 360 or 365 days the first time, now use the other and tell me what the difference in principle pay down is between the two methods at year ends 2018?

Reference no: EM131890191

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