18 Questions 18-27 use the same data Mortgage: find payment N = 15 years, monthly payments, starts at end of January Interest rate = 5%, compounded monthly PV = 500,000 FV = 0 Compute PMT Round to 2 decimal places P1 = 1 P2 = 12 Balance at end of December in first year 19 20 21 Total principal repayment at end of first year Total interest payments at end of first year August 2019 Round to 2 decimal places P1 = 49 P2 = 60 Balance at end of December in 5th year 22 23 | Total principal repayment in 5th year 19 | Balance at end of December in first year 20 21 Total principal repayment at end of first year Total interest payments at end of first year August 2019 Round to 2 decimal places P1 = 49 P2 = 60 22 | Balance at end of December in 5th year 23 | Total principal repayment in 5th year 24 | Total interest payments in 5th year Round to 2 decimal places 25 Balance at end of December in 13th year 26 | Total principal repayment in 13th year 27 | Total interest payments in 13th year Round to 2 decimal places 18 Questions 18-27 use the same data Mortgage: find payment N = 15 years, monthly payments, starts at end of January Interest rate = 5%, compounded monthly PV = 500,000 FV = 0 Compute PMT Round to 2 decimal places P1 = 1 P2 = 12 Balance at end of December in first year 19 20 21 Total principal repayment at end of first year Total interest payments at end of first year August 2019 Round to 2 decimal places P1 = 49 P2 = 60 Balance at end of December in 5th year 22 23 | Total principal repayment in 5th year 19 | Balance at end of December in first year 20 21 Total principal repayment at end of first year Total interest payments at end of first year August 2019 Round to 2 decimal places P1 = 49 P2 = 60 22 | Balance at end of December in 5th year 23 | Total principal repayment in 5th year 24 | Total interest payments in 5th year Round to 2 decimal places 25 Balance at end of December in 13th year 26 | Total principal repayment in 13th year 27 | Total interest payments in 13th year Round to 2 decimal places