Find out the monthly payments, Accounting Basics

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Find out the monthly payments

Problem:

You decide to buy a chalet in the mountains which cost 160,000$ by making a down-payment of 40,000$ and financing the remaining balance over 25 years with monthly payments. The local bank offers you 5.4% interest compunded monthly.

Required:

Question 1: What are your monthly payments?

Question 2: How much interest is the bank earning?

Question 3: You decide after 15 years to pay off the remaining balance. What is this remaining balance?

Question 4: How much are you saving by paying the remaining balance after 15 years?

Note: Solve the problem and show all work.

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Accounting Basics: Find out the monthly payments

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Accounting Basics: Find out the monthly payments

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