33 John and Peggy recently bought a house. They financed the house with a $236,000, 30-year...
33
John and Peggy recently bought a house. They financed the house with a $236,000, 30-year mortgage with a nominal interest rate of 6.38%. Mortgage payments are made at the end of each month. What total dollar amount of their mortgage payments during the first 7 years will go towards repayment of principal?
| $21,061.49 |
| $100,693.06 |
| $23,047.75 |
| $112,000.89 |
| $29,693.34 |
Homework Answers
| Beginning Balance= 236000 | PMT =PMT(6.38%%/12,360,-236000)) | Interest part of PMT=6.38%/12*Beginning Principal | Principal part of PMT= PMT-Interest | Ending Balance= Beginning balance-Principal part of PMT | |
| 1 | $236,000.00 | $1,473.10 | 1254.73 | $218.37 | $235,781.63 |
| 2 | $235,781.63 | $1,473.10 | 1253.57 | $219.53 | $235,562.10 |
| 3 | $235,562.10 | $1,473.10 | 1252.41 | $220.70 | $235,341.40 |
| 4 | $235,341.40 | $1,473.10 | 1251.23 | $221.87 | $235,119.52 |
| 5 | $235,119.52 | $1,473.10 | 1250.05 | $223.05 | $234,896.47 |
| 6 | $234,896.47 | $1,473.10 | 1248.87 | $224.24 | $234,672.23 |
| 7 | $234,672.23 | $1,473.10 | 1247.67 | $225.43 | $234,446.80 |
| 8 | $234,446.80 | $1,473.10 | 1246.48 | $226.63 | $234,220.17 |
| 9 | $234,220.17 | $1,473.10 | 1245.27 | $227.83 | $233,992.34 |
| 10 | $233,992.34 | $1,473.10 | 1244.06 | $229.05 | $233,763.29 |
| 11 | $233,763.29 | $1,473.10 | 1242.84 | $230.26 | $233,533.03 |
| 12 | $233,533.03 | $1,473.10 | 1241.62 | $231.49 | $233,301.54 |
| 13 | $233,301.54 | $1,473.10 | 1240.39 | $232.72 | $233,068.82 |
| 14 | $233,068.82 | $1,473.10 | 1239.15 | $233.96 | $232,834.87 |
| 15 | $232,834.87 | $1,473.10 | 1237.91 | $235.20 | $232,599.67 |
| 16 | $232,599.67 | $1,473.10 | 1236.65 | $236.45 | $232,363.22 |
| 17 | $232,363.22 | $1,473.10 | 1235.40 | $237.71 | $232,125.51 |
| 18 | $232,125.51 | $1,473.10 | 1234.13 | $238.97 | $231,886.54 |
| 19 | $231,886.54 | $1,473.10 | 1232.86 | $240.24 | $231,646.30 |
| 20 | $231,646.30 | $1,473.10 | 1231.59 | $241.52 | $231,404.78 |
| 21 | $231,404.78 | $1,473.10 | 1230.30 | $242.80 | $231,161.98 |
| 22 | $231,161.98 | $1,473.10 | 1229.01 | $244.09 | $230,917.88 |
| 23 | $230,917.88 | $1,473.10 | 1227.71 | $245.39 | $230,672.49 |
| 24 | $230,672.49 | $1,473.10 | 1226.41 | $246.70 | $230,425.80 |
| 25 | $230,425.80 | $1,473.10 | 1225.10 | $248.01 | $230,177.79 |
| 26 | $230,177.79 | $1,473.10 | 1223.78 | $249.33 | $229,928.46 |
| 27 | $229,928.46 | $1,473.10 | 1222.45 | $250.65 | $229,677.81 |
| 28 | $229,677.81 | $1,473.10 | 1221.12 | $251.98 | $229,425.83 |
| 29 | $229,425.83 | $1,473.10 | 1219.78 | $253.32 | $229,172.50 |
| 30 | $229,172.50 | $1,473.10 | 1218.43 | $254.67 | $228,917.83 |
| 31 | $228,917.83 | $1,473.10 | 1217.08 | $256.03 | $228,661.81 |
| 32 | $228,661.81 | $1,473.10 | 1215.72 | $257.39 | $228,404.42 |
| 33 | $228,404.42 | $1,473.10 | 1214.35 | $258.75 | $228,145.67 |
| 34 | $228,145.67 | $1,473.10 | 1212.97 | $260.13 | $227,885.53 |
| 35 | $227,885.53 | $1,473.10 | 1211.59 | $261.51 | $227,624.02 |
| 36 | $227,624.02 | $1,473.10 | 1210.20 | $262.90 | $227,361.12 |
| 37 | $227,361.12 | $1,473.10 | 1208.80 | $264.30 | $227,096.82 |
| 38 | $227,096.82 | $1,473.10 | 1207.40 | $265.71 | $226,831.11 |
| 39 | $226,831.11 | $1,473.10 | 1205.99 | $267.12 | $226,563.99 |
| 40 | $226,563.99 | $1,473.10 | 1204.57 | $268.54 | $226,295.45 |
| 41 | $226,295.45 | $1,473.10 | 1203.14 | $269.97 | $226,025.48 |
| 42 | $226,025.48 | $1,473.10 | 1201.70 | $271.40 | $225,754.08 |
| 43 | $225,754.08 | $1,473.10 | 1200.26 | $272.85 | $225,481.23 |
| 44 | $225,481.23 | $1,473.10 | 1198.81 | $274.30 | $225,206.94 |
| 45 | $225,206.94 | $1,473.10 | 1197.35 | $275.75 | $224,931.18 |
| 46 | $224,931.18 | $1,473.10 | 1195.88 | $277.22 | $224,653.96 |
| 47 | $224,653.96 | $1,473.10 | 1194.41 | $278.69 | $224,375.27 |
| 48 | $224,375.27 | $1,473.10 | 1192.93 | $280.18 | $224,095.09 |
| 49 | $224,095.09 | $1,473.10 | 1191.44 | $281.67 | $223,813.43 |
| 50 | $223,813.43 | $1,473.10 | 1189.94 | $283.16 | $223,530.26 |
| 51 | $223,530.26 | $1,473.10 | 1188.44 | $284.67 | $223,245.59 |
| 52 | $223,245.59 | $1,473.10 | 1186.92 | $286.18 | $222,959.41 |
| 53 | $222,959.41 | $1,473.10 | 1185.40 | $287.70 | $222,671.71 |
| 54 | $222,671.71 | $1,473.10 | 1183.87 | $289.23 | $222,382.47 |
| 55 | $222,382.47 | $1,473.10 | 1182.33 | $290.77 | $222,091.70 |
| 56 | $222,091.70 | $1,473.10 | 1180.79 | $292.32 | $221,799.39 |
| 57 | $221,799.39 | $1,473.10 | 1179.23 | $293.87 | $221,505.51 |
| 58 | $221,505.51 | $1,473.10 | 1177.67 | $295.43 | $221,210.08 |
| 59 | $221,210.08 | $1,473.10 | 1176.10 | $297.00 | $220,913.08 |
| 60 | $220,913.08 | $1,473.10 | 1174.52 | $298.58 | $220,614.49 |
| 61 | $220,614.49 | $1,473.10 | 1172.93 | $300.17 | $220,314.32 |
| 62 | $220,314.32 | $1,473.10 | 1171.34 | $301.77 | $220,012.55 |
| 63 | $220,012.55 | $1,473.10 | 1169.73 | $303.37 | $219,709.18 |
| 64 | $219,709.18 | $1,473.10 | 1168.12 | $304.98 | $219,404.20 |
| 65 | $219,404.20 | $1,473.10 | 1166.50 | $306.61 | $219,097.59 |
| 66 | $219,097.59 | $1,473.10 | 1164.87 | $308.24 | $218,789.36 |
| 67 | $218,789.36 | $1,473.10 | 1163.23 | $309.87 | $218,479.48 |
| 68 | $218,479.48 | $1,473.10 | 1161.58 | $311.52 | $218,167.96 |
| 69 | $218,167.96 | $1,473.10 | 1159.93 | $313.18 | $217,854.78 |
| 70 | $217,854.78 | $1,473.10 | 1158.26 | $314.84 | $217,539.94 |
| 71 | $217,539.94 | $1,473.10 | 1156.59 | $316.52 | $217,223.42 |
| 72 | $217,223.42 | $1,473.10 | 1154.90 | $318.20 | $216,905.22 |
| 73 | $216,905.22 | $1,473.10 | 1153.21 | $319.89 | $216,585.33 |
| 74 | $216,585.33 | $1,473.10 | 1151.51 | $321.59 | $216,263.73 |
| 75 | $216,263.73 | $1,473.10 | 1149.80 | $323.30 | $215,940.43 |
| 76 | $215,940.43 | $1,473.10 | 1148.08 | $325.02 | $215,615.41 |
| 77 | $215,615.41 | $1,473.10 | 1146.36 | $326.75 | $215,288.66 |
| 78 | $215,288.66 | $1,473.10 | 1144.62 | $328.49 | $214,960.17 |
| 79 | $214,960.17 | $1,473.10 | 1142.87 | $330.23 | $214,629.94 |
| 80 | $214,629.94 | $1,473.10 | 1141.12 | $331.99 | $214,297.95 |
| 81 | $214,297.95 | $1,473.10 | 1139.35 | $333.75 | $213,964.20 |
| 82 | $213,964.20 | $1,473.10 | 1137.58 | $335.53 | $213,628.67 |
| 83 | $213,628.67 | $1,473.10 | 1135.79 | $337.31 | $213,291.36 |
| 84 | $213,291.36 | $1,473.10 | 1134.00 | $339.11 | $212,952.25 |
Total of all principal till 7 years or 84 payment s=
23,047.75
Please Discuss in case of Doubt
Best of Luck. God Bless
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