I need a handwritten solution that shows step by step. NO EXCEL
You are buying a home for $250,000. You make a down payment of $50,000 and take out a mortgage on the rest of the money at 8.5% APR based on semi-annual compounding. If you plan to pay off the mortgage in 15 years and make payments monthly, how much will each payment be? Consider the 7th payment. How much will the interest and principal payments be?
