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Find the value of the mortgage on the house

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Reference no: EM132544192

A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payments.

Question 1: Find the value of the mortgage on their house?

Question 2: Find the value of the monthly payment?

Question 3: Find the loan outstanding after making 20 payments?

Question 4: Find the principal repaid in the 21st payment?

Reference no: EM132544192

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