Homework SourseLisa mortgaged 100000 for thirty years at 7 for a condiminiu
Lisa mortgaged $100,000 for thirty years at 7% for a condiminium. (Round entries to the nearest cent)
a. Find the monthly payments
b. Find the total interest for the loan
c. Prepare a loan amortization schedule for the first three months of the loan
Lisa mortgaged $100,000 for thirty years at 7% for a condiminium. (Round entries to the nearest cent)
a. Find the monthly payments
b. Find the total interest for the loan
c. Prepare a loan amortization schedule for the first three months of the loan
a. Find the monthly payments
b. Find the total interest for the loan
c. Prepare a loan amortization schedule for the first three months of the loan
Solution
Given that p=100,000,T=30,R=7%
I=PTR÷100
=100000×30×7÷100
=210000
Interest for 1 year =210000÷30
=7000
Interest for one month =7000÷12
=566.6
