Question

Consider a 17-year mortgage loan of $99,022.6347, with an interest rate of 10.00%, assuming monthly payments. The mortgage balance remaining after making 5 payments is _ _and the total interest expense for the 6th year is 98,076.8; 8,288.5 90,230.66:7,625.42 92.192.19:7,741.19 102,980.64; 8,868.70 101,019.10:8,537.16

Answer 1

Int. ДА В 1 Period Beg amount Monthly payment Pricipal paid 2 1 99022.6347 =PMT(10%/12,17*12,-99022.6347) =B2*10%/12 =C2-D2 32 =B2-E2 =PMT(10%/12,17*12,-99022.6347) =B3*10%/12 =C3-D3 4 3 =B3-E3 =PMT(10%/12, 17*12,-99022.6347) =B4*10%/12 =C4-D4 5 4 =B4-E4 I=PMT(10%/12,17*12,-99022.6347) =B5*10%/12 l=C5-D5 65 I=B5-E5 I=PMT(10%/12,17*12,-99022.6347) I=B6*10%/12 I=C6-D6 7 6 =B6-E6

А 1 Period cm + в Beg amount Monthly payment Int. Pricipal paid 1 $ 99,022.63 $1,011.23 $ 825.19 $ 186.04 2 $ 98,836.59 $1,011.23 $ 823.64 $ 187.59 3 $ 98,649.00 $1,011.23 $ 822.08 $ 189.15 4 $ 98.459.85 $1,011.23 $ 820.50 $ 190.73 5 $ 98,269.12 $1,011.23 $ 818.91 $ 192.32 6 $ 98,076.80

The correct answer is a)