Suppose you sign a Mortgage credit for 5,000,000 dollars to buy a new house to be amortized
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Question:
Suppose you sign a Mortgage credit for 5,000,000 dollars to buy a new house to be amortized over 15 years subject to 22.4% interest compounded monthly. The loan is to be paid back by making monthly payments. Fill in the empty boxes of the amortization schedule of this loan:
Payment number | payment | interest | Unpaid balance reduction | Unpaid balance |
0 | - | - | - | 5 000 000 |
1 | ||||
… | --- | --- | … | … |
100 | ||||
… | … | … | … | … |
Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
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