4. Reading and using a Loan Repayment Schedule (Answer the questions regarding the loan repayment schedule...

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4. Reading and using a Loan Repayment Schedule (Answer the questions regarding the loan repayment schedule presented below) Loan Repayment Schedule -- $155,000 @5.75% for 15 years Payment Schedule Year 1 Payment Date Payment Interest Principal Loan Balance $155,000.00 1-Aug $1,287.14 $742.71 $544.43 154,455.57 1-Sep 1,287.14 740.10 547.04 153,908.53 1-Oct 1,287.14 737.48 549.66 153,358.87 1-Nov 1,287.14 734.84 552.30 1-Dec 1,287.14 732.20 554.94 152,806.57 152,251.63 Totals $6,435.70 $3,687.33 $2,748.37 Payment Schedule Year 2 Payment Date Payment Interest Principal Loan Balance 1-Jan $1,287.14 $729.54 $557.60 $151,694.03 1-Feb 1,287.14 726.87 560.27 151,133.76 1-Mar 1,287.14 724.18 562.96 150,570.80 1-Apr 1,287.14 721.49 565.65 150,005.15 1-May 1,287.14 728.77 568.37 149,436.78 1-Jun 1,287.14 716.05 571.09 148,865.69 1-Jul 1,287.14 713.31 573.83 148,291.86 1-Aug 1,287.14 710.57 576.57 147,715.29 1-Sep 1,287.14 707.80 579.34 147,135.95 1-Oct 1,287.14 705.03 582.11 146,553.84 1-Nov 1,287.14 702.24 584.90 145,968.94 1-Dec 1,287.14 699.43 587.71 145,381.23 Totals $15,445.68 $8,585.28 $6,870.40 Payment Schedule Year 3 Payment Date Payment Interest Principal Loan Balance 1-Jan $1,287.14 $696.62 $590.52 $144,790.71 1-Feb 1,287.14 693.79 593.35 144,197.36 1-Mar 1,287.14 690.95 596.19 143,601.17 1-Apr 1,287.14 688.09 599.05 143,002.12 4a. How much principal is paid off with the Oct. 1 payment in Year 1? $ 4b. What is the total amount of interest paid in Year 2? $ 4c. Are principal payments increasing or decreasing during the loan? 4d. In which year will more principal be paid off; Year 2 or Year 3? 4e. What amount of interest is applies to July of Year 2? $ 4f. When will the interest charge for January of Year 3 be paid? Year: Remember: Mortgage payments are in arrears. 4. Reading and using a Loan Repayment Schedule (Answer the questions regarding the loan repayment schedule presented below) Loan Repayment Schedule -- $155,000 @5.75% for 15 years Payment Schedule Year 1 Payment Date Payment Interest Principal Loan Balance $155,000.00 1-Aug $1,287.14 $742.71 $544.43 154,455.57 1-Sep 1,287.14 740.10 547.04 153,908.53 1-Oct 1,287.14 737.48 549.66 153,358.87 1-Nov 1,287.14 734.84 552.30 1-Dec 1,287.14 732.20 554.94 152,806.57 152,251.63 Totals $6,435.70 $3,687.33 $2,748.37 Payment Schedule Year 2 Payment Date Payment Interest Principal Loan Balance 1-Jan $1,287.14 $729.54 $557.60 $151,694.03 1-Feb 1,287.14 726.87 560.27 151,133.76 1-Mar 1,287.14 724.18 562.96 150,570.80 1-Apr 1,287.14 721.49 565.65 150,005.15 1-May 1,287.14 728.77 568.37 149,436.78 1-Jun 1,287.14 716.05 571.09 148,865.69 1-Jul 1,287.14 713.31 573.83 148,291.86 1-Aug 1,287.14 710.57 576.57 147,715.29 1-Sep 1,287.14 707.80 579.34 147,135.95 1-Oct 1,287.14 705.03 582.11 146,553.84 1-Nov 1,287.14 702.24 584.90 145,968.94 1-Dec 1,287.14 699.43 587.71 145,381.23 Totals $15,445.68 $8,585.28 $6,870.40 Payment Schedule Year 3 Payment Date Payment Interest Principal Loan Balance 1-Jan $1,287.14 $696.62 $590.52 $144,790.71 1-Feb 1,287.14 693.79 593.35 144,197.36 1-Mar 1,287.14 690.95 596.19 143,601.17 1-Apr 1,287.14 688.09 599.05 143,002.12 4a. How much principal is paid off with the Oct. 1 payment in Year 1? $ 4b. What is the total amount of interest paid in Year 2? $ 4c. Are principal payments increasing or decreasing during the loan? 4d. In which year will more principal be paid off; Year 2 or Year 3? 4e. What amount of interest is applies to July of Year 2? $ 4f. When will the interest charge for January of Year 3 be paid? Year: Remember: Mortgage payments are in arrears.