Question
A mortgage loan is made in the amount of $92,758 at 8% for 20 years with payments to be made monthly. Assume a fixed rate
A mortgage loan is made in the amount of $92,758 at 8% for 20 years with payments to be made monthly. Assume a fixed rate and constant payments. Complete the following portion of the amortization schedule for this loan on scratch paper.
| Month | Beginning Loan Balance | Monthly Payment | Interest | Amortization* | Ending Loan Balance |
| 1 | 92,758 | ||||
| 2 | [?] |
Once you are done, in the box below, please indicate the value for Amortizaton* in month 2 [e.g. the value you inserted in the cell with the [?] symbol]
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Introduction To Federal Income Taxation In Canada
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
33rd Edition
1554965020, 978-1554965021
