Bob & Kate are purchasing a new home. The house theyve selected has a price of $350,000. The mortgage interest rate is currently 5% (regardless of the option they pick below).

They are considering several options:

• For maturity, they are considering both 15 year and 30 year amortizations.
• For down payments they are considering either 10% or 20%.

3. Assume that Bob & Kate purchase the house putting 20% down and selecting the 15 year amortization period. Construct a Mortgage Amortization Table reflecting the first 3 months of payments Month Beginning Principal Balance Payment Interest on Beginning Balance Principal Repayment Principal Balance at End of Period 1 $ 280,000.00 2 3