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if you can do 10 or so entries instead of 360 months, i think that would be enough for me to understand how you get
if you can do 10 or so entries instead of 360 months, i think that would be enough for me to understand how you get the answer. Thanks
Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below): 1. What is your monthly payment? 2. What is the total $ amount of payments made over the life of the loan 3. How many months will it take to pay off the loan if you pay an extra $530.82 per month? Correct Answers Note: Enter the month when the whole principal is paid off. Also, remember to show the amortization table for the original payment before you submit. \begin{tabular}{|l|r|} \hline Loan Input Data & Amount \\ \hline Principal Amount & $920,000.00 \\ \hline Annual Interest Rate & 7.40% \\ \hline Periods Per Year & 12 \\ \hline Total Number of Payments & 360 \\ \hline Percentage Rate Per Period & \\ \hline Extra Payment per month & $530.82 \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|l|} \hline PaymentNo. & Beginning Balance & PaymentAmount & Interest Paid & Principle Paid & Ending Balance \\ \hline 1 & & & & & \\ \hline 2 & & & & & \\ \hline 3 & & & & & \\ \hline 4 & & & & & \\ \hline 5 & & & & & \\ \hline 6 & & & & & \\ \hline 7 & & & & & \\ \hline 8 & & & & & \\ \hline 9 & & & & & \\ \hline 10 & & & & & \\ \hline \end{tabular}Step by Step Solution
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