You have 3 loans. 1. House Mortgage: Original principal: $237,830.00 Current principal $232,009.19 30-year mortgage at...

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You have 3 loans. 1. House Mortgage: Original principal: $237,830.00 Current principal $232,009.19 30-year mortgage at an annual interest rate 4.5% Monthly Payment $1205.05 (interest and principal) + $330.78 (escrow for insurance and property tax) for a total of $1535.83 18 months have passed, and 342 months left. 2. Auto Loan for Vehicle 1 Original principal: $17000.00 Current principal $13,733.82 60-months loan at an annual interest rate 1.99% Monthly Payment $297.90 12 months have passed, and 48 months left 3. Auto Loan for Vehicle 2 Original principal: $31,916.81 Current principal $31,507.84 72-months loan at an annual interest rate 2,69% Monthly Payment S480.52 I months have passed, and 71 months left Make present value amortization schedules for the 3 loans. D Assumptions 1. The escrow amount of $330.78 will not change for the duration of the mortgage 2. Assume that interests are calculated monthly equally. In other words, do not worry about daily interests and how many days are in each month. If you make the amortization schedules correctly, you'll be off by 25 cents, 1 cent, and 1 cent, at the end of each loan term, respectively. 3. All payments are made on the 1" of the month. Current principals are balances after 10/1/2020 payments. The next payment will be on 11/1/2020. So far, only minimum payments have been made. 4. You will budget $3,000 for paying off all the loans, even after one or two loans are paid off along the way. Requirement 1. Make 3 tables for 3 amortization schedules. 2. The total of minimum payments is $2314.25 right now. You are budgeting $3,000 for paying off these loans. Show how you would allocate $3,000 until all 3 loans are paid off on the amortization schedules. 3. At the bottom of Vehicle 1 amortization schedule, type what factors you considered in making your decision You have 3 loans. 1. House Mortgage: Original principal: $237,830.00 Current principal $232,009.19 30-year mortgage at an annual interest rate 4.5% Monthly Payment $1205.05 (interest and principal) + $330.78 (escrow for insurance and property tax) for a total of $1535.83 18 months have passed, and 342 months left. 2. Auto Loan for Vehicle 1 Original principal: $17000.00 Current principal $13,733.82 60-months loan at an annual interest rate 1.99% Monthly Payment $297.90 12 months have passed, and 48 months left 3. Auto Loan for Vehicle 2 Original principal: $31,916.81 Current principal $31,507.84 72-months loan at an annual interest rate 2,69% Monthly Payment S480.52 I months have passed, and 71 months left Make present value amortization schedules for the 3 loans. D Assumptions 1. The escrow amount of $330.78 will not change for the duration of the mortgage 2. Assume that interests are calculated monthly equally. In other words, do not worry about daily interests and how many days are in each month. If you make the amortization schedules correctly, you'll be off by 25 cents, 1 cent, and 1 cent, at the end of each loan term, respectively. 3. All payments are made on the 1" of the month. Current principals are balances after 10/1/2020 payments. The next payment will be on 11/1/2020. So far, only minimum payments have been made. 4. You will budget $3,000 for paying off all the loans, even after one or two loans are paid off along the way. Requirement 1. Make 3 tables for 3 amortization schedules. 2. The total of minimum payments is $2314.25 right now. You are budgeting $3,000 for paying off these loans. Show how you would allocate $3,000 until all 3 loans are paid off on the amortization schedules. 3. At the bottom of Vehicle 1 amortization schedule, type what factors you considered in making your decision

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Amortization Schedule for House Mortgage Month Beginning Balance Monthly Payment Principal Payment Interest Payment Ending Balance Month 1 23200919 15... View the full answer