a) Create an amortization schedule for a $649,600 mortgage being paid back in end of month...
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a) Create an amortization schedule for a $649,600 mortgage being paid back in end of month payments, amortized over 25 years with interest at 1.74% compounded monthly. Include your calculations for payment (PMT) as well as interest, principal and outstanding principal balance. b) What is the breakdown of your payment (principal and interest) after: i) 3 years ii) 10 years iII) 23 years c) At what payment number is the breakdown 62% principal and 38% interest? d) How much interest is paid in total on the entire mortgage? Question 2 a) Create an amortization schedule for a $424,000 mortgage being paid back in end of month payments, amortized over 15 years with interest at 2.24% compounded semi- annually. Include your calculations for payment (PMT) as well as interest, principal and outstanding principal balance. b) What is the breakdown of your payment (principal and interest) after: ) 5 years i) 8 years m) 12 years c) At what payment number is the breakdown 40% interest and 60% principal? d) How much interest is paid in the first 5 years of the mortgage? a) Create an amortization schedule for a $649,600 mortgage being paid back in end of month payments, amortized over 25 years with interest at 1.74% compounded monthly. Include your calculations for payment (PMT) as well as interest, principal and outstanding principal balance. b) What is the breakdown of your payment (principal and interest) after: i) 3 years ii) 10 years iII) 23 years c) At what payment number is the breakdown 62% principal and 38% interest? d) How much interest is paid in total on the entire mortgage? Question 2 a) Create an amortization schedule for a $424,000 mortgage being paid back in end of month payments, amortized over 15 years with interest at 2.24% compounded semi- annually. Include your calculations for payment (PMT) as well as interest, principal and outstanding principal balance. b) What is the breakdown of your payment (principal and interest) after: ) 5 years i) 8 years m) 12 years c) At what payment number is the breakdown 40% interest and 60% principal? d) How much interest is paid in the first 5 years of the mortgage?
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20 Question 1 a Mortgage is 649600 Monitly Time is 25 Yrs Rate is 17460 69600x 12 month... View the full answer
Related Book For
Business Math
ISBN: 978-0133011203
10th edition
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
Posted Date:
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