I don’t know how to handle this Algebra question and need guidance.
A house costs $185,000. The terms of the sale are 20% down and the remainder to be paid in monthly payments for 20 years at an annual rate of 6.75% compounded monthly.
Construct the payment schedule for the first 3 payments by filling in the table below
period | interest | cum. int. | principal | balance |
0 | ||||
1 | ||||
2 | ||||
3 |