Suppose you bought a house and
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Suppose you bought a house and you borrowed $355,000 for 360months at a fixed 0.302% monthly interest rate (you have anactuarial loan).
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(a) What is your initial loan payment?
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(b) After 159 months (and therefore 159 payments), how manypayments
remain?
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(c) After 159 payments, what is your loan balance?
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(d) After 159 payments, by how much has your initial loanbalance fallen?
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(e) After 159 payments, how much interest have you paid sofar?
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Answer:
Loan amount = $ 355,000, time, n = 360 months
Interest, i = 0.302℅ per month
a. Let us assume you pay $ A each month.
Monthly payment = $ 1,618.78
b. Number of payments left to be paid = 360 – 159 = 201
c. Loan balance after 159 payments
D. Amount paid after 159th payment
= $ 355,000 – 243,636.4
= $ 111,363.54
E. Total payment in 159 months = $ 1,618.78 ×159
= $ 257,386.02
Total principal paid = $ 111,363.54
Interest paid = 257,386.02 – 111,363.54 = $146,022.48
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