Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help? Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions

Can someone help?

image text in transcribed

Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below): Correct Answers 1. What is your monthly payment? 2. What is the total $ amount of payments made over the life of the loan Enter Answers Here. 3. How many months will it take to pay off the loan if you pay an extra $180.98 per month? Note: Enter the month when the whole principal is paid off. Also, remember to show the amortization table for the original payment before you submit. Payment Payment Beginning Balance Interest Paid Principle Paid Ending Balance Amount Loan Input Data Amount Principal Amount $400,000.00 2 Annual Interest Rate 5.10% 3 Periods Per Year 12 Total Number of Payments 360 5 Percentage Rate Per Period Extra Payment per month $180.98 7 No. 1 4 6

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel

8th Edition

0471980196, 9780471980193

Students also viewed these Finance questions