Person is planning to purchase a vacation home

Reference no: EM13321961

Person is planning to purchase a vacation home.

The property is selling for $600,000. The person pays 20% down payment from his saving account and gets a loan from a bank for the remaining 80%. The bank charges a fixed interest rate of 9.25% per year compounded monthly for 30 years.

Prepare a table showing the amortization of the loan for 30 years (360 monthly payments)

Reference no: EM13321961

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