Homework Answers
Calculating first the monthly payment amount of the mortgage loan:-
r = APR = 0.08/12 = 0.0066
EMI = $ 217.09
Preparing the amortization Schedule for the first three months:-
| Month | Beginning Balance | Total payment | Interest Paid | Principal Paid | Ending Balance |
| 1 | 4800 | 217.09 | 185.09 | 32 | 4614.91 |
| 2 | 4614.91 | 217.09 | 186.32 | 30.77 | 4428.59 |
| 3 | 4428.59 | 217.09 | 187.57 | 29.52 | 4241.02 |
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(1 + 0.00667)24 EMI = 4800 * 0.00667 * (1 + 0.00667)24_1
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