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Monthly mortgage payment

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Reference no: EM131228183

Your dream house is for sale at a cost of $600,000. You have already saved a 25% down payment, but you will need a mortgage for the remaining amount. The bank offers you a loan for the required amount at a rate of 6.5% (for the next 5 years) based on a 25 year amortization period.

a) What will your monthly mortgage payment be?

b) Create an amortization table the at shows the first 5 months of payments, how much goes towards interest and principle, and the outstanding balance

c) How much will you still owe at the end of the 5 year term?

Reference no: EM131228183

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