## Mortgages, Amortization and Bond Schedules [closed]

A family buys a house worth $326 000. They pay$110 000 down and then take out a 5-year mortgage for the balance at j2 = 6.5% to be amortized over 20 years. Payments will be paid monthly. Determine the outstanding balance at the end of 5 years and the owner’s equity at that time.

I'm unsure of how to solve this question.

Also, for a bond schedule, why is the interest on the book value multiplied by the bond yield rate and not the bond interest rate?

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This website is devoted to research-level mathematics. The FAQ lists a number of other websites which are more appropriate for questions like this. – Andy Putman Dec 22 2010 at 20:43
Actually, for this question the personal finance site money.stackexchange.com is probably a better bet than any of the sites listed in the FAQ. – Anton Geraschenko Dec 22 2010 at 20:52