Daniel and Jan agreed to pay 546 000 for a four bedroom colonial home in Waltham Massachusetts with a 50 000 down payment They

Question

Daniel and Jan agreed to pay 546 000 for a four bedroom colonial home in Waltham Massachusetts with a 50 000 down payment They have a 25 year mortgage at a fixed rate of 6 Use Table 15 1 a How much is their monthly payment Note Round your answer to the nearest cent Monthly payment b After the first payment what would be the balance of the principal Note Round your answers to the nearest cent Payment number Portion to Balance of loan Interest Principal outstanding

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