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What would be the principal and interest payment

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Question 1: If you were going to buy your home from Mrs. Beach for $250,000 with a 10% down payment and 15 year mortgage at a 5% interest rate.

a. How much would your payments be each month?

b. What would be the principal and interest payment on the first payment?

c. What would be the principal and interest payment on the twelfth payment?

d. What type of a problem is this?

Question 2: Same problem as above, but assume that the loan was for 20 years?

a. What is the new payment?

b. What would be the principal and interest payment on the first payment?

c. What would be the principal and interest payment on the twelfth payment?

d. What type of a problem is this?

Reference no: EM132546076

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