Suppose you found the house that you have been looking for y…
Suppose you found the house that you have been looking for years! It comes with a price tag of $285,000. As luck would have it, you also found a bank which is running special where they will finance your house if you put down $25,000 down payment. The loan comes with a 7.5% APR over 30 years. If you decide to take up the offer and put up the down payment, how much would be your monthly payment amount? (Round up your answer to two decimal point) Monthly payment Amount: $ Using the table below, fill in the answer for every box and show how you got the numbers (meaning, write the calculations to show how you got each of the answer). Month Beg. Loan Bal. (Show how you got the number) Monthly Payment (No need to show how you got the number) Applied to Interest (Show how you got the number) Applied to Principal (Show how you got the number) Ending Loan Bal (Show how you got the number) 1st Month $ $ $ $ $ 2nd Month $ $ $ $ $