On 31 December 2022, Trump agrees on a 3-year 500000€ mortgage liability in conjunction with the purchase of a flat. This mortgage is payable in equal monthly installments. The interest rate offered by the bank is 5% annual rate. The first monthly payment is made on 31 January 2023. This mortgage is fully amortizing over 48 months. 

 How much is the monthly payment? Complete the amortization table for the first two payments by entering the correct euro amounts in the blank spaces provided.  Round to the nearest euro.

Transcribed Image Text:

Payment Date Interest Period Issue date 31.12.2022 1 2 31.01.2022 28.02.2022 Monthly Interest Payment Expense 14,984 14,984|| Reduction in Unpaid Balance Unpaid Balance 500,000 Payment Date Interest Period Issue date 31.12.2022 1 2 31.01.2022 28.02.2022 Monthly Interest Payment Expense 14,984 14,984|| Reduction in Unpaid Balance Unpaid Balance 500,000

Answer rating: 100% (QA)

Monthly payment To calculate the monthly payment we can use the followi... View the full answer