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You plan to purchase a $270,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.75

You plan to purchase a $270,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 6.75 percent. You will make a down payment of 20 percent of the purchase price.

a.

Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Monthly payment $

b.

Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

Amortization Schedule for first 6 payments (months)

Month Beginning Loan Balance Payment Interest Principal Ending Loan Balance
1 $ $ $ $ $
2
3
4
5
6

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