{"id":3384,"date":"2021-06-29T11:27:19","date_gmt":"2021-06-29T15:27:19","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/?post_type=chapter&p=3384"},"modified":"2021-06-29T19:00:44","modified_gmt":"2021-06-29T23:00:44","slug":"videos-mortgages-and-amortization-part-1","status":"web-only","type":"chapter","link":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/chapter\/videos-mortgages-and-amortization-part-1\/","title":{"raw":"Videos: Mortgages and Amortization, part 1","rendered":"Videos: Mortgages and Amortization, part 1"},"content":{"raw":"

Intro to Mortgages<\/h2>\r\n[embed]https:\/\/youtu.be\/wic1xUmrsZE[\/embed]\r\n\r\nYou have just purchased a new house and taken a mortgage for $100,000.\u00a0 The interest rate is 12% compounded monthly and you will make payments for 25 years.\r\n
    \r\n \t
  1. Find the size of the monthly payment.<\/li>\r\n \t
  2. The bank has a policy of rounding the payments up to the next cent.\u00a0 Find the new monthly payment and compute a new\u00a0n<\/em>.<\/li>\r\n \t
  3. What was the balance of the loan after three periods?[embed]https:\/\/youtu.be\/tmRpVGTO4Uo[\/embed]<\/li>\r\n \t
  4. How much of your third payment was Principal?\u00a0 Interest?<\/li>\r\n \t
  5. How much did you pay in the first year?<\/li>\r\n \t
  6. How much of that was principal?<\/li>\r\n \t
  7. How much of that was interest?<\/li>\r\n \t
  8. What was the balance of the loan at the end of the first year?<\/li>\r\n \t
  9. How much interest did you pay in the third year?[embed]https:\/\/youtu.be\/OVJNRlznRo4[\/embed]<\/li>\r\n \t
  10. Assuming the mortgage stays at the same rate until maturity, find the size of your last payment.[embed]https:\/\/youtu.be\/pqFbk5R17aU[\/embed]<\/li>\r\n \t
  11. Fill out the Amortization Table for the first year<\/li>\r\n<\/ol>\r\n \r\n

    More Vocabulary<\/h2>\r\n \r\n\r\n[embed]https:\/\/youtu.be\/1fVrihsf7bQ[\/embed]\r\n\r\n \r\n\r\n \r\n\r\n ","rendered":"

    Intro to Mortgages<\/h2>\n