Question
You plan to purchase a $310,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 7.75
You plan to purchase a $310,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 7.75 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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