A couple purchased a home20years ago for $200,000. The home was financed by paying 10% down and…
A couple purchased a home20years ago for $200,000. The home was financed by paying 10% down and signing 30-year mortgage at12% compounded monthly on the unpaid balance. The net market value of the home is now$2,500,000, and the couplewishes to sell the house.
How much was the monthlyloan payment?(b)Construct an amortization schedule for the first twopayments(c)How much equity does the couple have in the house after making 24 years of payments?Mar 23 2022 02:12 PM
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