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Section 4 - Mortgage Calculation -- Instructions - You Have Decided to use a 20 year Amortization for your Mortgage. Use this information to find
Section 4 - Mortgage Calculation -- 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 3.21%. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 3 Years and 7 Months. Input all the TVM variables and answers into the fields below. Amortization Mortgage Amount From Previous Question $378102 20 Years P1 Months P2 Months Present Value of Loan (PV 378102 Monthly Payment (PMT) BALANCE OWING (BAL) Number of Periods (N) 240 Mortgage Rate As % I/Y) Value At End of Loan (FV) PRINCIPAL PAID (PRN) 3.21 INTEREST PAID (INT) Section Value: 7 Submit Answers
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