Question
I have posted this question before but no one seems to complete it. I need the Current and Non Current columns. I have all of
I have posted this question before but no one seems to complete it. I need the Current and Non Current columns. I have all of the other information
You'll need to create an amortization schedule. The following table illustrates the payments and interest amounts for a fixed-rate, 30-year mortgage loan. The total amount of the mortgage is $300,000, and the interest rate is 6 percent. This mortgage requires monthly payments of $1,798.65, with a final payment of $1,800.23. The table was created in Excel. The following is an explanation of the columns in the table: The first column in the table, with the heading Payment Number, shows the 360 payments required to pay off the mortgage loan (30 years, with 12 monthly payments per year).
Payment Number | Payment Amount | 6% Interest Expense | Principle | Balance | Current | Non-Current | Annual Interest Expense |
0 |
|
|
| 300,000.00 | 3684.02 | 296,315.98 | 0 |
1 | 1798.65 | 1500.00 | 298.65 | 299,701.35 | 3702.44 | 295,998.91 |
|
2 | 1798.65 | 1498.51 | 300.14 | 299,401.21 | 3720.95 | 295.680.26 |
|
Break In Sequence | |||||||
359 | 1798.65 | 17.86 | 1780.79 | 1791.28 | 1791.27 | 0 |
|
360 | 1800.23 | 8.96 | 1791.27 | 0 | 0 | 0 | 685.50 |
Totals |
| 347,515.58 | 300,000 |
|
|
|
|
The sixth column, headed Current, reflects the current portion of the principal (12 months).
The amounts in the Non-Current column are calculatedby subtracting the current portion of the principal from the total balance.
The Annual Interest Expense column provides a running total of the interest expense on the mortgage for the entire 12-month period.
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