What percent of anns 20th payment goes to principal

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5. Ann obtains a fully amortizing 15-year Fixed Rate Mortgage with monthly payments for $1,500,000 at 7.05%. How much does Ann need to pay per month?

6. Ann is willing to spend $5,500 per month on her mortgage payment. If Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with monthly payments at 7.05%, how big of a mortgage can she get?

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please ans the question step by step

7 ans should be = $861,929.50.

8 ans should be = 86.43%

9 ans should be = 13.57%

7. Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with monthly payments for $1,500,000 at 7.05%. What will be Ann's mortgage balance after 20 years of payments (ie after 240 months)?

8. Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with monthly payments for $1,500,000 at 7.05%. What percent of Ann's 20th payment goes to interest? Show your work.

9. Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with monthly payments for $1,500,000 at 7.05%. What percent of Ann's 20th payment goes to principal? Show your work.

Reference no: EM133558175

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