An amortization schedule is a table detailing each periodic payment on an amortizing loan (typically a mortgage), as generated by an amortization calculator. Amortization refers to the process of paying off a debt over time through regular payments. A portion of each payment is for interest while the remaining amount is applied towards the principal balance. The percentage of interest versus principal in each payment is determined in an amortization schedule. The schedule differentiates out the portion of payment that belongs to interest expense and the portion used to close the gap of a discount or premium from the principal after each payment.

The total amount of interest was: 224732.39

M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1]

M = monthly mortgage payment (30)

P = the principal, or the initial amount you borrowed. (220,000)

i = your monthly interest rate. (5.4%) Your lender likely lists interest rates as an annual figure, so youll have to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.

n = the number of payments, or the payment period in months. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year = 360 payments.

Make sure your Monthly Payment is correct BEFORE moving on. If you use a Principal amount of 220,000 Use 5.4 for your interest and 30 for the terms. This should output 1235.37 for your monthly payment.

Write a program which prompts the user for the following:

The loan amount (220,000); the interest rate (5.4); and the length of the loan in years (30). Print out the payment period; Interest; Principle; and Balance for each month. Print the total Interest at the end. (if for some reason your program does not print all 360 payments you can add a cin.get() at the end of your code and that should take care of the issue)

Please enter your beginning balance in dollars.

220000

Please enter your annual interest rate in percent.

5.4

Please enter your payment terms in years.

30

Your Monthly Payment is: $1235.37

Period Interest Principal Balance

1 $990.00 $245.37 $219754.63

2 $988.90 $246.47 $219508.16

3 $987.79 $247.58 $219260.58

4 $986.67 $248.70 $219011.88

5 $985.55 $249.81 $218762.07

6 $984.43 $250.94 $218511.13

7 $983.30 $252.07 $218259.06

8 $982.17 $253.20 $218005.86

9 $981.03 $254.34 $217751.52

10 $979.88 $255.49 $217496.03

11 $978.73 $256.64 $217239.40

12 $977.58 $257.79 $216981.61

.......

358 $16.53 $1218.84 $2454.16

359 $11.04 $1224.32 $1229.83

360 $5.53 $1229.83 $-0