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Show the payment for interest and principal separately

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Reference no: EM132665737

You are planning to buy a house worth $500,000 today. You have $100,000 savings for the down payment. A 30-year fixed-rate mortgage is 6.00% APR.

Problem a. Suppose if you take the 30-year loan, how much is your monthly payment?

Problem b. Show the payment for interest and principal separately for the first three months.

Problem c. Ten years later, the 30-year fixed-rate mortgage rate reduces to 3% APR. So you decide to refinance the debt with a new 30-year fixed-rate loan. How much is the new monthly payment?

Reference no: EM132665737

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