If you borrow $1,000,000 to buy a house, the annual interest rate is 4.8%, and you initiate a 30-year mortgage

What are your monthly payments? Note: The final balance must be zero

What is your balance after 5 years?

Make an amortization table showing your monthly payments, interest, and principal over time

1 2 3 4 5 6 7 Begin 1,000,000 998,753 997,502 996,245 994,983 993,717 992,445 991,168 989,886 988,599 Interest Principal 4,000 1,247 3,995 1,252 3,990 1,257 3,985 1,262 3,980 1,267 3,975 1,272 3,970 1,277 3,965 1,282 3,960 1,287 3,954 1,292 End 998,753 997,502 996,245 994,983 993,717 992,445 991,168 989,886 988,599 987,307 8 9 10 ... 351 352 353 354 355 356 357 358 359 360 51,331 46,289 41,228 36,146 31,044 25,921 20,778 15,615 10,431 5,226 205 185 165 145 124 104 83 62 42 21 5,041 5,061 5,082 5,102 5,122 5,143 5,164 5,184 5,205 5,226 46,289 41,228 36,146 31,044 25,921 20,778 15,615 10,431 5,226 0