You have decided to buy the home of your dreams and it's time to get a...

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You have decided to buy the home of your dreams and it's time to get a loan. The loan is for $412,000 and you are getting rate of 3.6% per year compounded monthly. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To try and reduce the cost of the home, you plan to pay extra each month for 4 years by working extra hours and expect to pay an extra $901 per month to knock down the principle. You make these EXTRA payments for 4 years. The FIRST extra payment will be on month 13. The last extra payment is on month 60. Build the amortization table. What is the regular monthly payment? What month will you make your last payment? How much will the last payment be? You have decided to buy the home of your dreams and it's time to get a loan. The loan is for $412,000 and you are getting rate of 3.6% per year compounded monthly. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To try and reduce the cost of the home, you plan to pay extra each month for 4 years by working extra hours and expect to pay an extra $901 per month to knock down the principle. You make these EXTRA payments for 4 years. The FIRST extra payment will be on month 13. The last extra payment is on month 60. Build the amortization table. What is the regular monthly payment? What month will you make your last payment? How much will the last payment be?

Answer rating: 100% (QA)

To build an amortization table we need to calculate the monthly payment the total number of payments and the breakdown of principal and interest for e... View the full answer