7. Part of an amortization table is shown below. Determine the missing values in the table...
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7. Part of an amortization table is shown below. Determine the missing values in the table labeled A, B, C, D Payment Monthly Interest Principal Outstanding A) number payment paid paid balance 0 $175 000 B) 1 2 3 4 $1164.28 $1020.83 $1164.28 $1020.00 $1164.28 $1164.28 $1018.31 $143.45 $174 856.55 $174 712.27 B $145.13 $174 567.14 $145.97 D 5 A $1017.46 $146.82 $174 274.35 D) 8. The amortization table below shows the first 3 payments and last 3 payments on a mortgage. Use the table to answer the following questions. Monthly payment Interest paid Principal paid Outstanding balance Payment number 0 $200 000.00 1 $954.83 $666.67 $208.00 $199 711.84 2 $954.83 $665.71 $209.15 $199 422.71 3 $954.83 $664.74 $210.30 $199 132.62 : : : 358 $954.83 $9.49 $945.35 $1900.16 359 $954.83 $6.33 $948.50 $951.66 360 $954.83 $3.17 $951.66 $0.00 $343 738.80 $143 738.80 $200 000.00 TOTAL a) What is the initial amount of the mortgage and what is the regular monthly payment each month? Initial Mortgage Amount:. b) What is the outstanding balance after payment number 2? c) What is the amortization period? Show your work. Monthly Payment: d) What is the total interest paid over the life of the mortgage? e) What percent of the total amount paid is interest? Show your work. f) How does the interest paid in the first 3 months compare with the principal paid in the first 3 months? Explain why. 7. Part of an amortization table is shown below. Determine the missing values in the table labeled A, B, C, D Payment Monthly Interest Principal Outstanding A) number payment paid paid balance 0 $175 000 B) 1 2 3 4 $1164.28 $1020.83 $1164.28 $1020.00 $1164.28 $1164.28 $1018.31 $143.45 $174 856.55 $174 712.27 B $145.13 $174 567.14 $145.97 D 5 A $1017.46 $146.82 $174 274.35 D) 8. The amortization table below shows the first 3 payments and last 3 payments on a mortgage. Use the table to answer the following questions. Monthly payment Interest paid Principal paid Outstanding balance Payment number 0 $200 000.00 1 $954.83 $666.67 $208.00 $199 711.84 2 $954.83 $665.71 $209.15 $199 422.71 3 $954.83 $664.74 $210.30 $199 132.62 : : : 358 $954.83 $9.49 $945.35 $1900.16 359 $954.83 $6.33 $948.50 $951.66 360 $954.83 $3.17 $951.66 $0.00 $343 738.80 $143 738.80 $200 000.00 TOTAL a) What is the initial amount of the mortgage and what is the regular monthly payment each month? Initial Mortgage Amount:. b) What is the outstanding balance after payment number 2? c) What is the amortization period? Show your work. Monthly Payment: d) What is the total interest paid over the life of the mortgage? e) What percent of the total amount paid is interest? Show your work. f) How does the interest paid in the first 3 months compare with the principal paid in the first 3 months? Explain why.
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