Question

HELP ASAP PLEASE DONT GUESS MY GRADE IS ON THE LINE jim and joan miller are customers applying for a mortgage jim and Joan Miller are borrowing 120,000 at 6.5% per annum compounded monthly for 30 years to purchase a home their monthly payment is determined to be 758.48 •a recursive formula for their balance after each monthly payment has been made •a determination of Jim and Joan balance after the first payment •determine when the balance will be below 75,000 •determine when the balance will be paid off •determine the interest expense when the loan is paid

Answer 1

Step-by-step explanation:

So, the account is at 0 initially; after the 1st payment made to the statement, the only balance it'd have, is the first payment amount, so namely, what's the monthly amortized cost.

Ex.: the picture

So let's do the same!

pymt: 120,000 [0.049/12/1 - (1 + 0.049/12) -12 x 20]

Hope this helped!