Question
1) Use the formula or a calculator application to find the monthly payment on a home mortgage of $283,695 at 4.704% interest for 25 years.
1) Use the formula or a calculator application to find the monthly payment on a home mortgage of $283,695 at 4.704% interest for 25 years. The monthly payment is about $
2) Make an amortization table to show the first two payments for the mortgage.
| Amount of mortgage | Annual interest rate | Years in mortgage | Monthly payment |
|---|---|---|---|
| $100,000 | 5.50% | 30 | $568.00 |
| Month | Monthly payment | Interest | Principal | End-of-month principal |
|---|---|---|---|---|
| 1 | $568.00 | $enter your response here | $enter your response here | $enter your response here |
| 2 | $568.00 | $enter your response here | $enter your response here | $enter your response here |
3) Make an amortization table to show the first two payments for the mortgage.
| Amount of mortgage | Annual interest rate | Years in mortgage | Monthly payment |
|---|---|---|---|
| $403,442 | 5.50% | 35 | $2166.55 |
| Month | Monthly payment | Interest | Principal | End-of-month principal |
|---|---|---|---|---|
| 1 | $2166.55 | $enter your response here | $enter your response here | $enter your response here |
| 2 | $2166.55 | $enter your response here | $enter your response here | $enter your response here |
(Round to the nearest cent as needed.)
THANK YOU!!!! :-)
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Financial Institutions Management
Authors: Anthony Saunders
3rd Edition
007303259X, 978-0073032597
