Question

show all work please and explanations

3. You need to work on the mini-projects in Excel. Your final mini-project report should be well- organized and typed in a Word file. Are required to submit both your Word report and Excel files to the instructor using the mini-project submission tool in Blackboard. The style and organization of the project accounts for 10 points. 4. You are required to work on the work independently. The due date for the project is 11:59pm on Sunday, December 1st. Mini-Project 1: Mortgage Loan Analysis (50 points): You plan to buy a house in December 2019. The sale price Jis $385,000. You need to pay 20% down payments and borrow additional 80% from Bank of America with a 25- Iyear, 3.0% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from January 2020 for a total of 25 years. (1) Calculate your expected monthly mortgage payment. (2) Develop the 2020-2044 amortization table for your mortgage loan. (1) When you prepare your 2020 tax filing, what is the total mortgage interest payment that you can consider for the tax deduction?

Answer 1

1)

The expected monthly mortgage payment is calculated as follows

Monthly payment = Present value of the mortgage 1-(1 + interest rate) -nt interest rate

Present value of the mortgage = 80% x $ 385,000 = 0.80 x $ 385,000

Present value of the mortgage = $ 308,000

$308,000 Monthly payment = – - 12X 25 1-(1+0.03, -12x28

Monthly payment = $ 1,460.57

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The amortization table for the loan is shown below

1 ... A B C D E F Beginning Monthly Ending Month balance payment Interest Principal balance 1 $308,000 $1,460.57 $770 $690.57 $307,309.43 2 $307,309.43 $1,460.57 $768 $692.30 $306,617.13 3 $306,617.13 $1,460.57 $767 $694.03 $305,923.11 4 $305,923.11 $1,460.57 $765 $695.76 $305,227.34 5 $305,227.34 $1,460.57 $763 $697.50 $304,529.84 6 $304,529.84 $1,460.57 $761 $699.25 $303,830.60 7 $303,830.60 $1,460.57 $760 $700.99 $303,129.60 8 $303,129.60 $1,460.57 $758 $702.75 $302,426.86 9 $302,426.86 $1,460.57 $756 $704.50 $301,722.35 10 $301,722.35 $1,460.57 $754 $706.26 $301,016.09 11 $301,016.09 $1,460.57 $753 $708.03 $300,308.06 12 $300,308.06 $1,460.57 $751 $709.80 $299,598.26 13 $299,598.26 $1,460.57 $749 $711.57 $298,886.69 14 $298,886.69 $1,460.57 $747 $713.35 $298,173.33 $298,173.33 $1,460.57 $745 $715.14 $297,458.20 16 $297,458.20 $1,460.57 $744 $716.92 $296,741.27 17 $296,741.27 $1,460.57 $742 $718.72 $296,022.56 18 $296,022.56 $1,460.57 $740 $720.51 $295,302.04 19 $295,302.04 $1,460.57 $738 $722.31 $294,579.73 20 $294,579.73 $1,460.57 $736 $724.12 $293,855.61 21 $293,855.61 $1,460.57 $735 $725.93 $293,129.68 22 $293,129.68 $1,460.57 $733 $727.75 $292,401.93 25

23 $292.401.93 $1.460.57 24 S291,672.36 $1,460.57 25 $290,940.98 $1,460.57 26 S290.207.76 $1,460.57 27 $289.472.71 $1,460.57 28 $288,735.82 $1,460.57 29 S287,997.09 $1,460.57 30 $287,256.51 $1,460.57 31 $286,514.08 $1,460.57 32 $285,769.80 $1,460.57 33 $285,023.65 $1,460.57 34 $284,275.64 $1,460.57 35 $283,525.76 $1,460.57 36 $282,774.00 $1,460.57 37 $282,020.37 $1,460.57 38 $281,264.85 $1,460.57 39 $280,507.44 $1,460.57 40 $279,748.14 $1,460.57 41 $278,986.94 $1,460.57 | 5278,223.84 $1,460.57 43 $27,458.83 $1,460.57 4 $276,691.91 $1,460.57 45 $275.923.07 $1.460.57 5731 ST29 $727 S726 $724 $722 $720 $718 $716 S714 S713 $711 $709 S707 $705 $703 S701 $699 5697 5696 S5694 5692 5 690 $729.57 $291,672.36 5731.39 S290,940.98 $733.22 $290,207.76 $735.05 $289,472.71 $736.89 $288,735.82 $738.73 $287,997.09 $740.58 $287,256.51 $742.43 | S286,514.08 $744.28 $285,769,80 $746.15 $285,023.65 5748.01 $284,275.64 5749.88 $283,525.76 $751.76 $282,774.00 $753.63 $282,020.37 5755.52 281,264.85 S757.41 $280,507.44 5759.30 $279,748.14 5761.20 $278,986.94 S763.10 $278.223.84 $765.01 S277,458.83 $766.92 276.691.91 $768.84 $275,923.07. 70.76 S275.152.30

46 $275,152.30 $1,460.57 47 $274,379.61 $1,460.57 48 $273,604.99 $1,460.57 49 $272,828.44 $1,460.57 50 $272,049.94 $1,460.57 51 $271,269.49 $1,460.57 $270,487.10 $1,460.57 53 $269,702.74 $1,460.57 54 $268,916.43 $1,460.57 55 $268,128.15 $1,460.57 $267,337.90 $1,460.57 57 $266,545.68 $1,460.57 58 $265,751.47 $1,460.57 59 $264,955.28 $1,460.57 60 $264,157.10 $1,460.57 61 $263,356.92 $1,460.57 62 $262,554.74 $1,460.57 63 $261,750.56 $1,460.57 64 $260,944.37 $1,460.57 65 $260,136.16 $1,460.57 66 $259,325.93 $1,460.57 67 $258,513.67 $1,460.57 68 $257,699.39 $1,460.57 69 $256,883.06 $1,460.57 $688 $686 $684 $682 $680 $678 $676 $674 $672 $670 $668 $666 $664 $662 $660 $658 $656 $772.69 $774.62 $776.56 $778.50 $780.45 $782.40 $784.35 $786.31 $788.28 $790.25 $792.23 $794.21 $796.19 $798.18 $800.18 $802.18 $804.18 $806.19 $808.21 $810.23 $812.26 $814.29 $816.32 $818.36 $274,379.61 $273,604.99 $272,828.44 $272,049.94 $271,269.49 $270,487.10 $269,702.74 $268,916.43 $268,128.15 $267,337.90 $266,545.68 $265,751.47 $264,955.28 $264,157.10 $263,356.92 $262,554.74 $261,750.56 $260,944.37 $260,136.16 $259,325.93 $258,513.67 $257,699.39 $256,883.06 $256,064.70 $654 $652 $650 $648 $646 $644 $642

70 $256,064.70 $1,460.57 71 $255,244.29 $1,460.57 72 $254,421.83 $1,460.57 73 $253,597.32 $1,460.57 74 $252,770.74 $1,460.57 75 $251,942.10 $1,460.57 76 $251,111.38 $1,460.57 77 $250,278.59 $1,460.57 78 $249,443.72 $1,460.57 79 $248,606.76 $1,460.57 80 $247,767.71 $1,460.57 81 $246,926.55 $1,460.57 82 $246,083.30 $1,460.57 $245,237.94 $1,460.57 84 $244,390.46 $1,460.57 85 $243,540.87 $1,460.57 86 $242,689.15 $1,460.57 87 $241,835.31 $1,460.57 88 $240,979.32 $1,460.57 89 $240,121.20 $1,460.57 90 $239,260.93 $1,460.57 91 $238,398.52 $1,460.57 92 $237,533.94 $1,460.57 93 $236,667.21 $1,460.57 $640 $638 $636 $634 $632 $630 $628 $626 $624 $622 $619 $617 $615 $613 $611 $609 $607 $605 $602 $600 $598 $596 $594 $592 $820.41 $822.46 $824.52 $826.58 $828.64 $830.71 $832.79 $834.87 $836.96 $839.05 $841.15 $843.25 $845.36 $847.48 $849.59 $851.72 $853.85 $855.98 $858.12 $860.27 $862.42 $864.57 $866.74 $868.90 $255,244.29 $254,421.83 $253,597.32 $252,770.74 $251,942.10 $251,111.38 $250,278.59 $249,443.72 $248,606.76 $247,767.71 $246,926.55 $246,083.30 $245,237.94 $244,390.46 $243,540.87 $242,689.15 $241,835.31 $240,979.32 $240,121.20 $239,260.93 $238,398.52 $237,533.94 $236,667.21 $235,798.31

94 $235,798.31 $1,460.57 95 $234.927.23 $1,460.57 6 5234,053.98 $1,460.57 97 $233.178.55 $1,460.57 98 $232,300.92 $1,460.57 99 $231.421.10 $1,460.57 100 $230.539.09 $1,460.57 101 $229,654.86 $1,460.57 102 $228,768.43 $1,460.57 103 5227,879.78 $1,460.57 104 $226,988.91 $1,460.57 105 $226,095.81 $1,460.57 106 $225, 200.48 $1,460.57 107 $224,302.91 $1,460.57 108 $223,403.10 $1,460.57 109 $222,501.04 $1,460.57 110 $221,596.72 $1,460.57 111 $220,690.14 $1,460.57 112 $219,781.30 51.460.57 113 $218,870.18 $1,460.57 114 $217,956.9 $1.460.57 115 $217,041.11 $1,460.57 116 S216.123.14 1.460.57 117 $215, 202.88 $1,460.57 5589 587 $585 5583 $581 5579 5576 $574 5572 $570 $567 5565 S563 $561 $559 $556 $871.07 $234,927.23 $873.25 $234.053.98 $875.44 $233,178.55 $877.62 S232,300.92 $879.82 $231.421.10 $882.02 | 5230,539.09 S884.22 $229.654.86 $886.43 $228,768.43 $888.65 $227.879.78 $890.87 $226,988.91 $893.10 $226,095.81 5895.33 $225, 200.48 5897.57 $224,302.91 5899.81 | $223,403.10 $902.06 $222,501.04 5904.32 $221,596.72 5906.58 | $220,690.14 5908.84 $219,781.30 5911.12 5218,870.18 5913.39 $217,956.79 $5915.68 $217.041.11 917.97 $216.123.14 S920.26 $215.202.88 5922.56 5214.280.321 $554 $552 $549 5547 $545 543 540 5538

118 $214,280.32 $1,460.57 119 $213,355.45 $1,460.57 120 $212,428.27 $1,460.57 $211,498.77 $1,460.57 122 $210,566.95 $1,460.57 $209,632.79 $1,460.57 124 $208,696.30 $1,460.57 $207,757.48 $1,460.57 126 $206,816.30 $1,460.57 $205,872.77 $1,460.57 128 $204,926.88 $1,460.57 $203,978.63 $1,460.57 130 $203,028.01 $1,460.57 131 $202,075.01 $1,460.57 132 $201,119.62 $1,460.57 133 $200,161.85 $1,460.57 134 $199,201.69 $1,460.57 135 $198,239.12 $1,460.57 136 $197,274.15 $1,460.57 137 $196,306.76 $1,460.57 138 $195,336.96 $1,460.57 139 $194,364.73 $1,460.57 140 $193,390.08 $1,460.57 $536 $533 $531 $529 $526 $524 $522 $519 $517 $515 $512 $510 $508 $505 $503 $500 $498 $496 $493 $491 $488 $486 $483 $924.87 $927.18 $929.50 $931.82 $934.15 $936.49 $938.83 $941.18 $943.53 $945.89 $948.25 $950.62 $953.00 $955.38 $957.77 $960.17 $962.57 $964.97 $967.38 $969.80 $972.23 $974.66 $977.09 $213,355.45 $212,428.27 $211,498.77 $210,566.95 $209,632.79 $208,696.30 $207,757.48 $206,816.30 $205,872.77 $204,926.88 $203,978.63 $203,028.01 $202,075.01 $201,119.62 $200,161.85 $199,201.69 $198,239.12 $197,274.15 $196,306.76 $195,336.96 $194,364.73 $193,390.08 $192,412.98

141 142 143 144 145 146 147 148 149 150 151 152 $192,412.98 $1,460.57 $191,433.44 $1,460.57 $190,451.46 $1,460.57 $189,467.02 $1,460.57 $188,480.11 $1,460.57 $187,490.74 $1,460.57 $186,498.90 $1,460.57 $185,504.58 $1,460.57 $184,507.77 $1,460.57 $183,508.47 $1,460.57 $182,506.67 $1,460.57 $181,502.37 $1,460.57 $180,495.55 $1,460.57 $179,486.22 $1,460.57 $178,474.37 $1,460.57 $177,459.98 $1,460.57 $176,443.06 $1,460.57 $175,423.60 $1,460.57 $174,401.59 $1,460.57 $173,377.02 $1,460.57 $172,349.90 $1,460.57 $171,320.20 $1,460.57 $170,287.93 $1,460.57 $169,253.08 $1,460.57 $481 $479 $476 $474 $471 $469 $466 $464 $461 $459 $456 $454 $451 $449 $446 $444 $441 $439 $436 $433 $431 $428 $426 $423 $979.54 $981.99 $984.44 $986.90 $989.37 $991.84 $994.32 $996.81 $999.30 $1,001.80 $1,004.30 $1,006.81 $1,009.33 $1,011.85 $1,014.38 $1,016.92 $1,019.46 $1,022.01 $1,024.57 $1,027.13 $1,029.70 $1,032.27 $1,034.85 $1,037.44 $191,433.44 $190,451.46 $189,467.02 $188,480.11 $187,490.74 $186,498.90 $185,504.58 $184,507.77 $183,508.47 $182,506.67 $181,502.37 $180,495.55 $179,486.22 $178,474.37 $177,459.98 $176,443.06 $175,423.60 $174,401.59 $173,377.02 $172,349.90 $171,320.20 $170,287.93 $169,253.08 $168,215.64 153 154 155 156 157 158 161 162 163 164

165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 $168,215.64 $1,460.57 $167,175.61 $1,460.57 $166,132.98 $1,460.57 $165,087.74 $1,460.57 $164,039.89 $1,460.57 $162,989.42 $1,460.57 $161,936.33 $1,460.57 $160,880.60 $1,460.57 $159,822.23 $1,460.57 $158,761.21 $1,460.57 $157,697.55 $1,460.57 $156,631.22 $1,460.57 $155,562.23 $1,460.57 $154,490.56 $1,460.57 $153,416.22 $1,460.57 $152,339.19 $1,460.57 $151,259.47 $1,460.57 $150,177.05 $1,460.57 $149,091.92 $1,460.57 $148,004.08 $1,460.57 $146,913.52 $1,460.57 $145,820.23 $1,460.57 $144,724.22 $1,460.57 $143,625.46 $1,460.57 $421 $418 $415 $413 $410 $407 $405 $402 $400 $397 $394 $392 $389 $386 $384 $381 $378 $375 $373 $370 $367 $365 $362 $359 $1,040.03 $1,042.63 $1,045.24 $1,047.85 $1,050.47 $1,053.10 $1,055.73 $1,058.37 $1,061.01 $1,063.67 $1,066.33 $1,068.99 $1,071.66 $1,074.34 $1,077.03 $1,079.72 $1,082.42 $1,085.13 $1,087.84 $1,090.56 $1,093.29 $1,096.02 $1,098.76 $1,101.51 $167,175.61 $166,132.98 $165,087.74 $164,039.89 $162,989.42 $161,936.33 $160,880.60 $159,822.23 $158,761.21 $157,697.55 $156,631.22 $155,562.23 $154,490.56 $153,416.22 $152,339.19 $151,259.47 $150,177.05 $149,091.92 $148,004.08 $146,913.52 $145,820.23 $144,724.22 $143,625.46 $142,523.95

189 $142,523.95 $1,460.57 190 $141,419.69 $1,460.57 191 $140,312.67 $1,460.57 192 $139,202.88 $1,460.57 193 $138,090.32 $1,460.57 194 $136,974.97 $1,460.57 195 $135,856.84 $1,460.57 196 $134,735.91 $1,460.57 197 $133,612.18 $1,460.57 198 $132,485.64 $1,460.57 199 $131,356.29 $1,460.57 $130,224.11 $1,460.57 201 $129,089.10 $1,460.57 202 $127,951.25 $1,460.57 203 $126,810.56 $1,460.57 204 $125,667.02 $1,460.57 205 $124,520.61 $1,460.57 206 $123,371.34 $1,460.57 207 $122,219.20 $1,460.57 208 $121,064.18 $1,460.57 209 $119,906.27 $1,460.57 210 $118,745.47 $1,460.57 211 $117,581.76 $1,460.57 212 $116,415.14 $1,460.57 $356 $354 $351 $348 $345 $342 $340 $337 $334 $331 $328 $326 $323 $320 $317 $314 $311 $308 $306 $303 $300 $297 $294 $291 $1,104.26 $1,107.02 $1,109.79 $1,112.56 $1,115.34 $1,118.13 $1,120.93 $1,123.73 $1,126.54 $1,129.36 $1,132.18 $1,135.01 $1,137.85 $1,140.69 $1,143.54 $1,146.40 $1,149.27 $1,152.14 $1,155.02 $1,157.91 $1,160.80 $1,163.71 $1,166.62 $1,169.53 $141,419.69 $140,312.67 $139,202.88 $138,090.32 $136,974.97 $135,856.84 $134,735.91 $133,612.18 $132,485.64 $131,356.29 $130,224.11 $129,089.10 $127,951.25 $126,810.56 $125,667.02 $124,520.61 $123,371.34 $122.219.20 $121,064.18 $119,906.27 $118,745.47 $117,581.76 $116,415.14 $115,245.61

$288 $285 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 $115,245.61 $1,460.57 $114,073.16 $1,460.57 $112,897.77 $1,460.57 $111,719.44 $1,460.57 $110,538.17 $1,460.57 $109,353.95 $1,460.57 $108,166.76 $1,460.57 $106,976.61 $1,460.57 $105,783.48 $1,460.57 $104,587.37 $1,460.57 $103,388.27 $1,460.57 $102,186.17 $1,460.57 $100,981.06 $1,460.57 $99,772.95 $1,460.57 $98,561.81 $1,460.57 $97,347.64 $1,460.57 $96,130.44 $1,460.57 $94,910.20 $1,460.57 $93,686.91 $1,460.57 $92,460.55 $1,460.57 $91,231.13 $1,460.57 $89,998.64 $1,460.57 $88,763.07 $1,460.57 $87,524.41 $1,460.57 $86,282.65 $1,460.57 $279 $276 $273 $270 $267 $264 $261 $258 $255 $252 $249 $246 $243 $240 $237 $234 $231 $228 $225 $222 $219 $216 $1,172.46 $1,175.39 $1,178.33 $1,181.27 $1,184.22 $1,187.19 $1,190.15 $1,193.13 $1,196.11 $1,199.10 $1,202.10 $1,205.10 $1,208.12 $1,211.14 $1,214.17 $1,217.20 $1,220.24 $1,223.29 $1,226.35 $1,229.42 $1,232.49 $1,235.57 $1,238.66 $1,241.76 $1,244.86 $114,073.16 $112,897.77 $111,719.44 $110,538.17 $109,353.95 $108,166.76 $106,976.61 $105,783.48 $104,587.37 $103,388.27 $102,186.17 $100,981.06 $99,772.95 $98,561.81 $97,347.64 $96,130.44 $94,910.20 $93,686.91 $92,460.55 $91,231.13 $89,998.64 $88,763.07 $87,524.41 $86,282.65 $85,037.78 229 $96 120 230 231 232 235 236 237

238 239 244 $85,037.78 $1,460.57 83.789.81 51.460.57 S82.538.71 $1,460.57 $81,284.49 $1,460.57 $80,027.13 $1,460.57 $78,766.63 $1,460.57 $7,502.97 $1,460.57 $76,236.16 $1,460.57 $74,966.18 $1,460.57 $73,693.03 $1,460.57 $72,416.69 $1,460.57 $71,137.16 $1,460.57 $69,854.44 $1,460.57 $68,568.50 $1,460.57 $67,279.35 $1,460.57 $65,986.98 $1,460.57 $64,691.38 $1,460.57 $63,392.54 $1,460.57 $62,090.45 $1,460.57 $60,785.10 $1,460.57 $59.476.50 $1,460.57 $58,164.62 $1,460.57 $56,849.46 $1,460.57 S213 1.247.98 $209 $1,251.10 S206 $1,254.22 S203 $1,257.36 S200 $1,260.50 $197 $1,263.65 $194 $1,266.81 $191 $1,269.98 $187 $1,273.15 $184 $1,276.34 $181 $1,279.53 $178 $1,282.73 $175 $1,285.93 $171 $1,289.15 $168 $1,292.37 S165 $1,295.60 S162 $1,298.84 $158 $1,302.09 S155 $1,305.34 $152 | S1308.61 149 1311.88 5145 $1.315.16 142 $1,318.45 583,789.81 582,538.71 $81,284.49 $80,027.13 $78,766.63 $7,502.97 $76.236.16 $74,966.18 $73,693.03 $72,416.69 $71.137.16 $69,854.44 $68,568.50 $67,279.35 $65,986.98 564,591.38 $63,392.54 $62,090.45 $60,785.10 $59,476.50 $58,164.62 $56,849.46 555.531.01| 254 258 259 260

261 $55,531.01 S1.460.57 262 | $54, 209.27 $1,460.57 $52,884.22 1,460.57 $51,555.86 $1,460.57 $50,224.18 $1,460.57 $48,889.17 $1,460.57 47.550.83 $1,460.57 $46,209.13 1,460.57 $44,864.09 $1,460.57 270 | $43,515.68 $1,460.57 $42,163.90 $1,460.57 $40, 808.4 $1,460.57 $39,450.19 $1,460.57 $38,088.24 $1,460.57 $36,722.89 $1,460.57 $35,354.13 $1,460.57 $33,981.95 $1,460.57 $32,606.33 $1,460.57 $31.227.28 $1,460.57 $29,844.78 $1,460.57 $28,458.82 $1,460.57 $27,069.40 $1,460.57 283 $25,676.50 $1,460.57 284 $24,280.12 $1,460.57 S139 1321.74 S136 $1,325.05 S132 $1,328.36 $129 $1,331.68 $126 $1,335.01 S122 $1,338.35 $119 $1,341.69 S116 $1,345.05 $112 $1,348.41 $109 $1,351.78 $105 $1,355.16 S102 $1,358.55 $1,361.94 $1,365.35 $1,368.76 $1,372.18 $1,375.62 $1,379.05 $1,382.50 S1385.96 $1,389.42 $1,392.90 | $1,396.38 S61 $1,399.87 $99 $95 554,209.27 $52,884.22 $51,555.86 $50.224.18 $48, 889.17 $47,550.83 46.209.13 $4,864.09 $43,515.68 $42,163.90 $40,808.74 $39,450.19 $38,088.24 $36,722.89 $35,354.13 $33,981.95 $32,606.33 $31,227.28 $29,844.78 $28,458.82 $27,069.40 $25.676.50 $24,280.12 $22,880.25 27 280 282

285 $57 286 $50 287 288 289 $43 290 291 $22,880.25 $1,460.57 $21,476.88 $1,460.57 $20,070.00 $1,460.57 $18,659.61 $1,460.57 $17,245.69 $1,460.57 $15,828.23 $1,460.57 $14,407.23 $1,460.57 $12,982.68 $1,460.57 $11,554.57 $1,460.57 $10,122.88 $1,460.57 $8,687.62 $1,460.57 $7,248.77 $1,460.57 $5,806.32 $1,460.57 $4,360.27 $1,460.57 $2,910.60 $1,460.57 $1,457.30 $1,460.57 $1,403.37 $1,406.88 $1,410.39 $1,413.92 $1,417.46 $1,421.00 $1,424.55 $1,428.11 $1,431.68 $1,435.26 $1,438.85 $1,442.45 $1,446.05 $1,449.67 $1,453.29 $1,456.93 $21,476.88 $20,070.00 $18,659.61 $17,245.69 $15,828.23 $14,407.23 $12,982.68 $11,554.57 $10,122.88 $8,687.62 $7,248.77 $5,806.32 $4,360.27 $2,910.60 $1,457.30 $0.38 298 299 300 $4

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When the 2020 tax filing is prepared, the total mortgage interest payment considered for the tax deduction = $ 9,125

Month	Beginning balance	Monthly payment	Interest
1	$308,000	$1,460.57	$770
2	$307,309	$1,460.57	$768
3	$306,617	$1,460.57	$767
4	$305,923	$1,460.57	$765
5	$305,227	$1,460.57	$763
6	$304,530	$1,460.57	$761
7	$303,831	$1,460.57	$760
8	$303,130	$1,460.57	$758
9	$302,427	$1,460.57	$756
10	$301,722	$1,460.57	$754
11	$301,016	$1,460.57	$753
12	$300,308	$1,460.57	$751
			∑ Interest = $9,125