Fi 311 – For The Past 3 Years, You Have Been Saving $20,000 Of Your Salary Each Year

For the past 3 years, you have been saving $20,000 of your salary each year for adown payment on your dream house. The house is located In a nice area and iscurrently listed at $325,000. J. P. Morgan chase bank is willing to give you a 30year loan with a fixed rate of 6%. Assuming you use the Chase loan and makemonthly payments for the entire 30 years. a) What will be the monthly payment?b) How much principal will be paid-off by the end of year 10?c) How much interest will you pay during year 15?d) If you realize that you could afford to pay $2,500 a month, all else equal, howlong would it take you to pay off the house? Approximately how much interestwould you pay over the life of the loan if your monthly payment was $2,500?

Originally posted 2018-07-22 16:53:17. Republished by Blog Post Promoter