Question
Suppose that you want to purchase a home for $220,000 using a down payment as described below and you finance the rest of the purchase
Suppose that you want to purchase a home for $220,000 using a down payment as described below and you finance the rest of the purchase by taking out a 15-year mortgage at 4.5% interest compounded monthly. The amount of the down payment is $56,083. Construct an amortization table for the entire length of the loan making sure to include columns for the payment number, the amount of the payment, the amount of each payment that goes towards the principal, the amount of each payment that goes towards the interest, the amount still owed on the loan after the particular payment is.
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