Part 7: Adifitional principal payment - Shew your work Shown below is an excerpt from the repayment schedule foe ben Bimbaum's mortgage ioan, it was orieinated. on May 1. loterest is paid in arrears. Aecall that the interest portion of each poyvent is based on the outatanting balance durine the previous month. For example: 5179,390.56.045 * 51,274,23 Jinterest for month of lune, paid on duly 11 Bimbarm Lean Repayment Schedule -5180.000 d 8.5% far 30 year. On Acugust 1, along with his regular parment of 51.384 .04 \), Ben also made an additional peincipal parment of \$509. Complete the repayment schedule below to reflect the additional payment. (Qn Stotember 1, Ben pars the rekular monthly amount). Note 1: The regular monthly loan payment amount is not affected by the additional principal payment. is will remaln the same each month. Note 2: The interest portion of the August 1 payment fobping interest for July| is still based on $179,781.15. Part 8: Equily Computation - Shew your work Pablo Pecard owned his home for 13 vears. As wich, he has paid ot a significant amount of his oeleinalioas He has also enfored a nice appreciation in the value of his home. Indeed, steis good. a Pablo has now decided to take out a second mortgage in the amount of 555,000 , An apprahal was required for the loan apolication. It ia provided below. The imerest rate is 6.75%. He chose to amortire it over 15 vearn. 8b. What was Pablo's equity in his heuse on the date of purchase? 5 Show work here: 8c. What is his current equity [before taking the second mortgage]? Show work heref 8d. How much equity will he have in the house atter taking ous the second mortgage? Show work here: Part 7: Adifitional principal payment - Shew your work Shown below is an excerpt from the repayment schedule foe ben Bimbaum's mortgage ioan, it was orieinated. on May 1. loterest is paid in arrears. Aecall that the interest portion of each poyvent is based on the outatanting balance durine the previous month. For example: 5179,390.56.045 * 51,274,23 Jinterest for month of lune, paid on duly 11 Bimbarm Lean Repayment Schedule -5180.000 d 8.5% far 30 year. On Acugust 1, along with his regular parment of 51.384 .04 \), Ben also made an additional peincipal parment of \$509. Complete the repayment schedule below to reflect the additional payment. (Qn Stotember 1, Ben pars the rekular monthly amount). Note 1: The regular monthly loan payment amount is not affected by the additional principal payment. is will remaln the same each month. Note 2: The interest portion of the August 1 payment fobping interest for July| is still based on $179,781.15. Part 8: Equily Computation - Shew your work Pablo Pecard owned his home for 13 vears. As wich, he has paid ot a significant amount of his oeleinalioas He has also enfored a nice appreciation in the value of his home. Indeed, steis good. a Pablo has now decided to take out a second mortgage in the amount of 555,000 , An apprahal was required for the loan apolication. It ia provided below. The imerest rate is 6.75%. He chose to amortire it over 15 vearn. 8b. What was Pablo's equity in his heuse on the date of purchase? 5 Show work here: 8c. What is his current equity [before taking the second mortgage]? Show work heref 8d. How much equity will he have in the house atter taking ous the second mortgage? Show work here
