Question: Create an amortization schedule for the first two months' payments on a mortgage of $487,700 with an interest rate of 6% and monthly payment of

Create an amortization schedule for the first two months' payments on a mortgage of $487,700 with an interest rate of 6% and monthly payment of $2,926.20?

Step by Step Solution

★★★★★

3.28 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Month 1 interest 152300 00625 12 79323 Principal portion of 1st payment 100518 793... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

724-B-F-F-M (3050).docx

120 KBs Word File

Students Have Also Explored These Related Finance Questions!

Shield Transport Ltd. is authorized to issue 10-year, 6 percent convertible bonds with a maturity value of $16,000,000. Interest is payable on June 30 and December 31. The bonds are convertible on...

Tasis Ventures Inc. is authorized to issue 10-year, 5-percent convertible bonds with a maturity value of $9,000,000. Interest is payable on June 30 and December 31. The bonds are convertible on the...

Shield Transport Ltd. is authorized to issue 10-year, 6 percent convertible bonds with a maturity value of $16,000,000. Interest is payable on June 30 and December 31. The bonds are convertible on...

You have borrowed $70000 to buy a speed boat. You can plan to make monthly payments over a 15-years period. The bank has offered you a 9% interest rate, compounded monthly. Create an amortization...

Problems 1 - 13 relate to the following information: You are purchasing a house for $95,000. The lender requires a 10% down payment, and will finance the rest with a 30 year fixed rate mortgage with...

You want to purchase a house for $500,000. You will make a down payment of 10 percent of the value of the house and take out a mortgage for the remaining balance. A bank has offered you a 20-year...

Hu Consulting needs to borrow $250,000 and is trying to determine what type of debt instrument to use. The company is considering two debt instruments: a long-term notes payable and a mortgage...

You have borrowed $70,000 to buy a sports car. You plan to make monthly payments over a 15-year period. The bank has offered you a 9% interest rate compounded monthly. create an amortization schedule...

good afternoon, here is an assignment from pennfoster college which I am unable to do. Can you do it for me? Part 1: El Cap Climbing Company El Cap Climbing Company (ECCC) is a small startup that...

2015 2016 Cost of Goods Sold 235,942 297,915 Cash 36,542 51,940 Depreciation 61,056 69,011 Interest Expense 13,877 15,905 Selling and Admin Exp 40,952 58,569 Accounts Payable 32,194 33,999 Net Fixed...

QUESTION 1 ABC Company Ltd., which is effectively controlled by the Zulu family although they own only a minority of shares, is to undertake a substantial new project which requires external finance...

Based on the idea that reputation is a belief in the mind of the beholder, can a firm realistically take the initiative to manage its reputation online?

2.84 How can a multidimensional table differ from a two-variable contingency table?

9.1 Exercise This is an important topic so be sure to take your time to think this through. In your Exercise Notebook, list the actions a project manager may take to control costs and resources.

Repeat Problem 4 with the change that Arrowsmith Lumbers cost of capital is 12.5%. Problem 4 The timber rights to a tract of forest can be purchased for $220,000. The harvesting agreement would allow...

At what price would Arrowsmith Lumber be willing to purchase the timber rights described in Problem 4 if it requires a return on investment of 15%? In Problem 4 The timber rights to a tract of forest...

A machine can be leased for four years at $1000 per month payable at the beginning of each month. Alternatively, it can be purchased for $45,000 and sold for $5000 after four years. Should the...

Sales 45,788,000.00 Variable Costs -22,877,000.00 Revenue Before Fixed Costs 22,911,000.00 Fixed Costs -9,205,000.00 EBIT 13,706,000.00 Interest Expense -1,398,000.00 Earning before Taxes...

Exercise 1. For the cereal dataset, identify one variable that is approximately normally distributed. Construct a histogram for at least two variables and describe the shape of the distribution....

Net Present Value Carsen Sorensen, controller of Thayn Company, just received the following data associated with production of a new product: - Expected annual revenues: $750,000 - Projected product...