2) You decide to buy a house costing $6,000,000. You pay $1,000,000 down, and the remainder will be paid in monthly installments over 25 years at 3.9% compounded monthly. a) What is the monthly...

2) You decide to buy a house costing $6,000,000. You pay $1,000,000 down, and the remainder will be paid in
monthly installments over 25 years at 3.9% compounded monthly.
a) What is the monthly payment?
b) What is the outstanding balance after making the 100
the payment?
c) What is the equity after making the 100
the payment?
d) How much of the 100
the payment will go to the principal and how much to interest?
e) How much interest will be paid over the entire length of the loan?

TVM SOLVER