Find out the monthly payment, Accounting Basics

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Find out the monthly payment

Problem:

You purchase a house that costs $500,000 with an 8% (APR), 30-year mortgage. You make a 20% down payment to avoid PMI insurance.

Required:

Question 1: What is your monthly payment?

Question 2: Amortize the first and second payments.

Question 3: What percentage of the mortgage is paid off after 5 years?

Note: Please show how to work it out.

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Accounting Basics: Find out the monthly payment

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Accounting Basics: Find out the monthly payment

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