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4. Logan is purchasing a new home. After making his down payment, he
will need to obtain a mortgage for $120,000. Based on his credit score,
he qualifies for a fixed rate 15-year mortgage with a 4.5% APR. Calculate
his monthly payment, the amount of his first monthly payment that is an
interest payment, the amount that is applied to the principal, and the new
loan balance.

Sagot :

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Answer:

monthly payment = $918

interest payment = $450

principal payment = $468

new loan balance = $119,532

Step-by-step explanation:

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