Mary Joy Dela PAz purchased a house worth 188,686 with a down payment of 36,866 and monthly payments for 15 years. At 21% compounded monthly, (1) determine the monthly payment; (2) How much of the first payment goes for the interest and how much for the principal? (3) How much does she still owe just after making the 86th payment? (4) How much of the 116th payment goes for the interest and how much for the principal?

Mary Joy Dela PAz purchased a house worth 188,686 with a down payment of 36,866 and monthly payments for 15 years. At 21% compounded monthly, (1) determine the monthly payment; (2) How much of the first payment goes for the interest and how much for the principal? (3) How much does she still owe just after making the 86th payment? (4) How much of the 116th payment goes for the interest and how much for the principal?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 64IIP

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