What is the amount of joels second mortgage, Financial Accounting

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What is the amount of joels second mortgage

Problem

Joel took out an 80/20 mortgage to buy a house costing $156,000. The first (80%) mortgage has an interest rate of 6.65%, and the second (20%) mortgage has an interest rate of 8.9%. Both are 30-year fixed-rate mortgages. Let's help Joel understand his mortgage better by examining it in greater detail.

A. What is the amount of Joel's first mortgage?

B. What is the amount of Joel's second mortgage?

C. What is the monthly payment for Joel's first mortgage?

D. What is the monthly payment for Joel's second mortgage?

E. What is Joel's total monthly payment for his 80/20 mortgage?

F. What is the actual interest rate for Joel's 80/20 mortgage?

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