Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $120,000 20-year - nt 1- fixed-rate mortgage at 4%. a. Find the monthly payments...


Use PMT =<br>to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $120,000 20-year<br>- nt<br>1-<br>fixed-rate mortgage at 4%.<br>a. Find the monthly payments and the total interest for the loan.<br>b. Prepare a loan amortization schedule for the first three months of the mortgage.<br>.....<br>a. The monthly payment is $ 727.18 .<br>(Do not round until the final answer. Then round to the nearest cent as needed.)<br>The total interest for the loan is $ .<br>(Use the answer from part a to find this answer. Round to the nearest cent as needed.)<br>

Extracted text: Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $120,000 20-year - nt 1- fixed-rate mortgage at 4%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. ..... a. The monthly payment is $ 727.18 . (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ . (Use the answer from part a to find this answer. Round to the nearest cent as needed.)

Jun 09, 2022
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