Michelle took out a $370,000, 30-year, adjustable-rate mortgage with a 2.8% initial 6-month rate. The amortization table
Question:
Michelle took out a $370,000, 30-year, adjustable-rate mortgage with a 2.8% initial 6-month rate. The amortization table for the initial rate period is shown. After the first 6 months, the rate went up 3.4%. Calculate the next line of the amortization table.
Transcribed Image Text:
Payment Beginning Monthly Number Balance Payment 1 $370,000.00 $1,520.31 2 $369,343.02 $1,520.31 3 $368,684.51 $1,520.31 $368,024.46 $1,520.31 $367,362.87 $1,520.31 $366,699.74 $1,520.31 4 5 6 Towards Interest $863.33 $861.80 $860.26 $858.72 $857.18 $855.63 Towards Principal $656.98 $658.51 $660.05 $661.59 $663.13 $664.68 Ending Balance $369,343.02 $368,684.51 $368,0.24.46 $367,362.87 $366,699.74 $366,035.06 Interest Rate 2.80% 2.80% 2.80% 2.80% 2.80% 2.80%
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Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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