What are your monthly mortgage payments

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Reference no: EM131948539

You have financed a house with a 30-year, monthly payable mortgage in the amount of $400,000 at a fixed rate of 8% per year compounded monthly.

a. What are your monthly mortgage payments?

b. How much of the first month’s payment is accounted for by interest on your loan?

c. To help pay off the mortgage early, you pay an extra $2000 with the 1st payment. How many payments will you need to make to pay off the remainder of the loan?

d. What will be the amount of your final payment?

(Manually Calculate)

Reference no: EM131948539

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