Question: A Mortgage will be repaid over 360 months. Use the information in the table below to answer the following: 1. What is your monthly payment?

A Mortgage will be repaid over 360 months. Use the information in the table below to answer the following:

1. What is your monthly payment?

2 . What is the total $ amount of payments over the life of the loan

3 . How many months will it take to pay off the loan if you pay an extra $418.02 per month?

A Mortgage will be repaid over 360 months. Use the information in

Mortgage Amortization Complete the loan amortization scilodule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below): Correct Answers 1. What is your monthly payment? 2. What is the total amount of payments made over the life of the loan Enter Answers Here. 3. How many months will it take to pay off the loan if you pay an extra $418.02 per month? Note: Enter the month when the whole principal is paid off. Also, remember to show the amortization table for the original payment before you submit Payment Beginning Balance interest Paid Principle Paid Ending Balance Amount Loan Input Data Amount o Principal Amount $990,000.00 1 Annual Interest Rate I 4.50% 2 Periods Per Year 3 Total Number of Payments 3601 4 Percentage Rate Per Period 5 Extra Payment per month Payment No 12

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