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You have just taken out an amortized loan for $470,000. Assume that the loan will be paid in 60 equal monthly installments of $9,350.98 and
You have just taken out an amortized loan for $470,000. Assume that the loan will be paid in 60 equal monthly installments of $9,350.98 and that the first payment will be due 1 month from today. How much of your third monthly payment will go toward the repayment of principal? Fill in the worksheet below. Interest Owing Principal Principal Owing Month at End of Month (S) Repayment ($) at End of Month ($) 1 2 3 Interest Owing at End of Month Principal Repayment Principal Owing at End of Month Month 1 (Round to the nearest cent.) Interest Owing at End of Month Principal Repayment Month 2 Principal Owing at End of Month (Round to the nearest cent.) Month Interest Owing at End of Month Principal Repayment Principal Owing at End of Month 3 (Round to the nearest cent.)
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