Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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):

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 $302.33 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 Beginning Payment No. Balance Interest Paid Principle Paid Ending Balance Amount Loan Input Data Amount Principal Amount $580,000.00 2 Annual Interest Rate 6.40% Periods Per Year 12 Total Number of Payments 360 Percentage Rate Per Period Extra Payment per month $302.33 1 3 4 5 6 7 8 Grade Mortgage 9 10 Mortgage Score Total Score 0.001 11 12 13 14 15 16 17 FEEDBACK 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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 An Introduction

Authors: Eddie McLaney, Peter Atrill

3rd Edition

0273688227, 978-0273688228

More Books

Students also viewed these Accounting questions

Question

How is the education level required for a position established?

Answered: 1 week ago

Question

Why is a job analysis important?

Answered: 1 week ago