1. You borrowed $200,000 at 6% 30 years for your house. Calculate the loan balances, interest payments, and principal payments for the first 5 months.

 

Month	Beginning Balance	Payments	Payment goes to pay interest	Payment goes to pay principal	Ending Balance
1	200,000
2
3
4
5

 

 

Calculate your monthly payment first. Use your calculator and your inputs should be monthly data. The payment should be same for every month. Then you calculate interest payment based on beginning balance and monthly interest rate. The difference of the payment and interest payment goes to reduce your principal.

Answer rating: 100% (QA)

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