Consider a fully amortizing mortgage loan in the amount of $800,000 at 6.00% for 25 years....

Transcribed Image Text:

Consider a fully amortizing mortgage loan in the amount of $800,000 at 6.00% for 25 years. Level payments are to be paid monthly. 1. What is the monthly payment amount? 2a. How much interest is paid in month One (1), (as of the first monthly payment)? 2b. How much principal is paid (repaid) in month One (1), (as of the first monthly payment)? 3a. How much total principal will be paid (repaid) through the 25-year loan term? 3b. How much total interest will be paid through the 25-year loan term? 4. What will the outstanding principal balance be at the end of year 10? (use CUMPRINC to calculate) 5a. How much total principal will be paid (repaid) through year 10? 5b. How much total interest will be paid through year 10? 6a. How much interest will be paid at (during) month 50? (use CUMPRINC to calculate) 6b. How much principal will be paid (repaid) at (during) month 50? Consider a fully amortizing mortgage loan in the amount of $800,000 at 6.00% for 25 years. Level payments are to be paid monthly. 1. What is the monthly payment amount? 2a. How much interest is paid in month One (1), (as of the first monthly payment)? 2b. How much principal is paid (repaid) in month One (1), (as of the first monthly payment)? 3a. How much total principal will be paid (repaid) through the 25-year loan term? 3b. How much total interest will be paid through the 25-year loan term? 4. What will the outstanding principal balance be at the end of year 10? (use CUMPRINC to calculate) 5a. How much total principal will be paid (repaid) through year 10? 5b. How much total interest will be paid through year 10? 6a. How much interest will be paid at (during) month 50? (use CUMPRINC to calculate) 6b. How much principal will be paid (repaid) at (during) month 50?