A house costs $185,000. The terms of the sale are 20% down and the remainder to be paid in monthly payments for 20 years at an annual rate of 6.75% compounded monthly.
Construct the payment schedule for the first 3 payments by filling in the table below
period |
interest |
cum. int. |
principal |
balance |
0 |
|
|
|
|
1 |
|
|
|
|
2 |
|
|
|
|
3 |
|
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