Monthly payment that gowns toward interest principal

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Reference no: EM13775758

You take out a 25 year mortgage for $365,000 to buy a new house. What will your monthly payments be if the interest rate on your mortgage is 7%? Using a spread sheet. Calcualte the portion of the 48th monthly payment that goes toward interest principal. Use five decimal places for the monthly interest rate in your calculations.

A. Using a spreadsheet to calculate the answer, the monthly payments are? $

B. What is the portion of the 48th monthly payment that gowns toward interest principal?

Reference no: EM13775758

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