Question: Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan
Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below):
principal: 740,000
annual interest rate: 6.70%
periods per year: 12
total number of payments: 360
Percentage rate per period:
Extra payment per month: 397.92
| 1. What is your monthly payment?
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| 2. What is the total $ amount of payments made over the life of the loan
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| 3. How many months will it take to pay off the loan if you pay an extra $397.92 per month?
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| 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. |
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