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5. Construct an amortization schedule for the mortgage. If the Halls would pay extra payment of $150 a month starting 49th month, how quickly will
5. Construct an amortization schedule for the mortgage. If the Halls would pay extra payment of $150 a month starting 49th month, how quickly will they able to payoff the mortgage? Be sure to have a zero balance at the end of amortization.
| Loan Amount | 180,576 | Loan Length in months | 240 | ||||||||
| Interest (APR) | 4.250% | Total interest payment | Hint: Be sure to compute the total interest payments using "Sum()" function. | ||||||||
| Prepayment | $150 | Total # of pmts with prepay | With the prepayments, note that your payments will be shortened. | ||||||||
| Month | Beginning Principal | Monthly Payment | Interest | Principal pmt | Outstanding Balance |
| 1 | 180,576 |
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