#1 You bought a condo for $250,000. You put a down payment of 15% and then took out a 30 year mortgage @ 5.5% compounded monthly.

Give the monthly payment

What is the unpaid balance after 15 years?

What is your equity at that point?

#2. A loan of $2,305,000 will be amortized over 20 years by monthly payments with interest 5.5% compounded monthly. Create an amortization table for the first 5 years. At payment #60:

What total amount ( over all 60 payments) have you paid in interest?

How much total (over all 60 payments) was paid toward the principal?

At the 60th payment how much was left in the loan?

In addition to creating the table, be sure to answer the 3 above questions