My principal for the questions below is $579,000. This will be a 15 year fixed mortgage so n = 180. The monthly interest rate (r) is .002. I have calculated the monthly payment as $3833.51 meaning the annual payment would be $46,002.16.

Application Problem 1 Create an amortization schedule for your mortgage under each one of these scenarios. Use M , M - 1.01, or M - 1.1 as appropriate in the calculations below. I highly reconnnend using a spreadsheet program for this. Each row of the amortization schedule looks like this: Remaining Principal (H) Interest Payment (Ti) Principal Payment (Ni) New Principal (PHI) R; PM" 9. For each scenario, answer the following: (a) In month ll], what percentage of your mortgage payment is going towards paying the principal? (b) In what month does the percentage of your mortgage payment going towards the principal rst exceed 50%? (c) How many months does it take for you to pay off your mortgage? 10. Create a line chart showing how much principal remains to be paid 0H under the three scenarios