A family purchased a house valued at $200,000 Owner\'s quantity of ... 10% is re

Question

A family purchased a house valued at $200,000 Owner's quantity of ... 10% is required as an initial collateralized condition with the financed amount to be amortized in equal monthly amounts extended over a 20-year period @ 12%. Find: The borrower's financing amount required, that is, the PVA. .................................... ANS: ................................. The monthly repayment amount. .......................[work-space] ......................................................................................................ANS: ..................... Construct an amortization schedule for the first 4 periods starting from zero(0). Amortization schedule:

Explanation / Answer

a)

b)

c)

Value of house 200000 Add: Initial collateral 20000 220000 Thus, Financing amount of $ 220,000 is required.

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