B D E G I 1 J K 1 If you borrow $1,000,000 to buy a house, the annual interest rate is 4.8%, and you initiate a 30 year mortgage What are your monthly payments? Note: The final balance must be zero What is your balance after 5 years? Make an amortization table showing your monthly payments, interest and principal over time 0 01 + WN PMT period FV R Pricipal 5246.65 30 0 0.048 1000000 4 5 6 7 8 9 10 11 monthly payment 12 13 balance after 5 year 14 15 16 17 1000000/1-(1+0.048/12)^-12-30/0.048/12 5246.65 1000000+(1+0.048/12) 12*5-5246.65*{(1+0.048/12) 12*5-1/0.048/12} 915,651.20