Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 Principal Balance Current Non-Current Annual Interest Expense

0 $300,000.00 $3,684.02 $296,315.98 $0

1 $1,798.65 $1,500.00 $298.65 $299,701.35 $3,702.44 $295,998.91

2 $1,798.65 $1,498.51 $300.14 $299,401.21 $3,720.95 $295,680.26

-Break in Sequence-

359 $1,798.65 $17.86 $1,780.79 $1,791.28 $1,791.27 $0

360 $1,800.23 $8.96 $1,791.27 $0 $0 $0 $685.50

Totals $347,515.58 $300,000.00

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.

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_2

Step: 3

blur-text-image_3

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

The Venture Capital Investment Process

Authors: Darek Klonowski

1st Edition

0230612881, 023011007X, 9780230612884, 9780230110076

More Books

Students also viewed these Finance questions

Question

The importance and advantages of digital platforms

Answered: 1 week ago