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Instructions You Have Decided to use a 20 year Amortization for your Mortgage. Use this information to find the MONTHLY mortgage PAYMENT using the mortgage
Instructions You Have Decided to use a 20 year Amortization for your Mortgage. Use this information to find the MONTHLY mortgage PAYMENT using the mortgage amount from previous section and a rate of 3.75%. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 2 Years and 7 Months. Input all the TVM variables and answers into the fields below. Amortization Mortgage Amount From Previous Question $383427 20 Years P/Y C/Y P1 Months P2 Months Present Value of Loan (PV 383427 12 2 1 31 Number of Periods (N) BALANCE OWING (BAL) Monthly Payment (PMT) 2267.5182 240 Mortgage Rate As % (I/Y)- Value At End of Loan (FV)- PRINCIPAL PAID (PRN) 3.75 0 Section Value: 7 INTEREST PAID (INT) Submit Answers
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