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I need the answer to PART II of this question ONLY, as I understand Chegg policy only allows one question answered at a time. The
I need the answer to PART II of this question ONLY, as I understand Chegg policy only allows one question answered at a time.
The loan amortization schedule provided in solution template can be seen below, please answer accordingly,
I need help to fill this table out and to give an answer to the question asked there.
QUESTION 2: LOAN AMORTIZATION (35 MARKS] 1. A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payments. A. Find the value of the mortgage on their house? (1 mark) B. Find the value of the monthly payment? (3 marks) C. Find the loan outstanding after making 20 payments? (4 marks) D. Find the principal repaid in the 21st payment? (5 marks) II. Fill out the loan amortization schedule provided in the solution template for the first 5 loan payments. What do you notice about the composition of the payment amount? (6 marks) II. Fill out the loan amortization schedule provided in the solution template for the first 5 loan payments. What do you notice about the composition of the payment amount? (6 marks) Payment Number Beginning Loan Balance Payment Amount Interest Expense Principal Repayment Ending Loan Balance 1 2 3 4 5
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