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On August 31, 2018, you closed on your new condominium and obtained a $300,000, thirty-year mortgage at an APR of 4.2%. The first monthly payment was due at that time (August 31, 2018), and then monthly thereafter this is an annuity in advance or an annuity due) 8. a. What was the amount of your required monthly payment? Assuming that you made all payments exactly when due, how much interest will you pay on the mortgage in the calendar year ending December 31, 2018? b. c. How much interest would you pay in 2019 if you made all of your scheduled payments exactly when due? if the interest rate were to decrease to 3.6% after seventy-two payments (six years), what would be the amount of your new monthly payment? (the life of the mortgage would be unchanged) d,

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Answer #1

Amortisation Schedule

Month EMI Principal Interest Outstanding
1 $1,467.05 $417.05 1050 $299,582.95
2 $1,467.05 $418.51 1048.54 299164.4373
3 $1,467.05 $419.98 1047.076 298744.4613
4 $1,467.05 $421.45 1045.606 298323.0154
5 $1,467.05 $422.92 1044.131 297900.0944
6 $1,467.05 $424.40 1042.65 297475.6932
7 $1,467.05 $425.89 1041.165 297049.8066
8 $1,467.05 $427.38 1039.674 296622.4294
9 $1,467.05 $428.87 1038.179 296193.5564
10 $1,467.05 $430.37 1036.677 295763.1823
11 $1,467.05 $431.88 1035.171 295331.302
12 $1,467.05 $433.39 1033.66 294897.91
13 $1,467.05 $434.91 1032.143 294463.0012
14 $1,467.05 $436.43 1030.621 294026.5701
15 $1,467.05 $437.96 1029.093 293588.6116
16 $1,467.05 $439.49 1027.56 293149.1202
17 $1,467.05 $441.03 1026.022 292708.0906
18 $1,467.05 $442.57 1024.478 292265.5174
19 $1,467.05 $444.12 1022.929 291821.3952
20 $1,467.05 $445.68 1021.375 291375.7186
21 $1,467.05 $447.24 1019.815 290928.4821
22 $1,467.05 $448.80 1018.25 290479.6802
23 $1,467.05 $450.37 1016.679 290029.3076
24 $1,467.05 $451.95 1015.103 289577.3587
25 $1,467.05 $453.53 1013.521 289123.8279
26 $1,467.05 $455.12 1011.933 288668.7098
27 $1,467.05 $456.71 1010.34 288211.9987
28 $1,467.05 $458.31 1008.742 287753.6892
29 $1,467.05 $459.91 1007.138 287293.7756
30 $1,467.05 $461.52 1005.528 286832.2523
31 $1,467.05 $463.14 1003.913 286369.1136
32 $1,467.05 $464.76 1002.292 285904.354
33 $1,467.05 $466.39 1000.665 285437.9677
34 $1,467.05 $468.02 999.0329 284969.9491
35 $1,467.05 $469.66 997.3948 284500.2924
36 $1,467.05 $471.30 995.751 284028.9919
37 $1,467.05 $472.95 994.1015 283556.0419
38 $1,467.05 $474.61 992.4461 283081.4365
39 $1,467.05 $476.27 990.785 282605.17
40 $1,467.05 $477.93 989.1181 282127.2366
41 $1,467.05 $479.61 987.4453 281647.6304
42 $1,467.05 $481.28 985.7667 281166.3456
43 $1,467.05 $482.97 984.0822 280683.3762
44 $1,467.05 $484.66 982.3918 280198.7165
45 $1,467.05 $486.36 980.6955 279712.3605
46 $1,467.05 $488.06 978.9933 279224.3023
47 $1,467.05 $489.77 977.2851 278734.5358
48 $1,467.05 $491.48 975.5709 278243.0552
49 $1,467.05 $493.20 973.8507 277749.8543
50 $1,467.05 $494.93 972.1245 277254.9273
51 $1,467.05 $496.66 970.3922 276758.268
52 $1,467.05 $498.40 968.6539 276259.8704
53 $1,467.05 $500.14 966.9095 275759.7285
54 $1,467.05 $501.89 965.159 275257.836
55 $1,467.05 $503.65 963.4024 274754.1869
56 $1,467.05 $505.41 961.6397 274248.775
57 $1,467.05 $507.18 959.8707 273741.5942
58 $1,467.05 $508.96 958.0956 273232.6383
59 $1,467.05 $510.74 956.3142 272721.901
60 $1,467.05 $512.52 954.5267 272209.3761
61 $1,467.05 $514.32 952.7328 271695.0574
62 $1,467.05 $516.12 950.9327 271178.9386
63 $1,467.05 $517.93 949.1263 270661.0134
64 $1,467.05 $519.74 947.3135 270141.2754
65 $1,467.05 $521.56 945.4945 269619.7183
66 $1,467.05 $523.38 943.669 269096.3358
67 $1,467.05 $525.21 941.8372 268571.1215
68 $1,467.05 $527.05 939.9989 268044.0689
69 $1,467.05 $528.90 938.1542 267515.1716
70 $1,467.05 $530.75 936.3031 266984.4232
71 $1,467.05 $532.61 934.4455 266451.8172
72 $1,467.05 $534.47 932.5814 265917.347
73 $1,467.05 $536.34 930.7107 265381.0062
74 $1,467.05 $538.22 928.8335 264842.7882
75 $1,467.05 $540.10 926.9498 264302.6864
76 $1,467.05 $541.99 925.0594 263760.6943
77 $1,467.05 $543.89 923.1624 263216.8052
78 $1,467.05 $545.79 921.2588 262671.0125
79 $1,467.05 $547.70 919.3485 262123.3095
80 $1,467.05 $549.62 917.4316 261573.6896
81 $1,467.05 $551.54 915.5079 261022.146
82 $1,467.05 $553.47 913.5775 260468.672
83 $1,467.05 $555.41 911.6404 259913.2608
84 $1,467.05 $557.36 909.6964 259355.9057
85 $1,467.05 $559.31 907.7457 258796.5998
86 $1,467.05 $561.26 905.7881 258235.3364
87 $1,467.05 $563.23 903.8237 257672.1086
88 $1,467.05 $565.20 901.8524 257106.9094
89 $1,467.05 $567.18 899.8742 256539.7321
90 $1,467.05 $569.16 897.8891 255970.5696
91 $1,467.05 $571.15 895.897 255399.4151
92 $1,467.05 $573.15 893.898 254826.2615
93 $1,467.05 $575.16 891.8919 254251.1019
94 $1,467.05 $577.17 889.8789 253673.9293
95 $1,467.05 $579.19 887.8588 253094.7365
96 $1,467.05 $581.22 885.8316 252513.5166
97 $1,467.05 $583.25 883.7973 251930.2624
98 $1,467.05 $585.30 881.7559 251344.9667
99 $1,467.05 $587.34 879.7074 250757.6226
100 $1,467.05 $589.40 877.6517 250168.2228
101 $1,467.05 $591.46 875.5888 249576.76
102 $1,467.05 $593.53 873.5187 248983.2272
103 $1,467.05 $595.61 871.4413 248387.6169
104 $1,467.05 $597.69 869.3567 247789.9221
105 $1,467.05 $599.79 867.2647 247190.1353
106 $1,467.05 $601.89 865.1655 246588.2492
107 $1,467.05 $603.99 863.0589 245984.2566
108 $1,467.05 $606.11 860.9449 245378.15
109 $1,467.05 $608.23 858.8235 244769.922
110 $1,467.05 $610.36 856.6947 244159.5652
111 $1,467.05 $612.49 854.5585 243547.0721
112 $1,467.05 $614.64 852.4148 242932.4354
113 $1,467.05 $616.79 850.2635 242315.6474
114 $1,467.05 $618.95 848.1048 241696.7006
115 $1,467.05 $621.11 845.9385 241075.5875
116 $1,467.05 $623.29 843.7646 240452.3006
117 $1,467.05 $625.47 841.5831 239826.8321
118 $1,467.05 $627.66 839.3939 239199.1745
119 $1,467.05 $629.85 837.1971 238569.3201
120 $1,467.05 $632.06 834.9926 237937.2612
121 $1,467.05 $634.27 832.7804 237302.9901
122 $1,467.05 $636.49 830.5605 236666.499
123 $1,467.05 $638.72 828.3327 236027.7803
124 $1,467.05 $640.95 826.0972 235386.826
125 $1,467.05 $643.20 823.8539 234743.6283
126 $1,467.05 $645.45 821.6027 234098.1795
127 $1,467.05 $647.71 819.3436 233450.4716
128 $1,467.05 $649.97 817.0767 232800.4967
129 $1,467.05 $652.25 814.8017 232148.247
130 $1,467.05 $654.53 812.5189 231493.7143
131 $1,467.05 $656.82 810.228 230836.8908
132 $1,467.05 $659.12 807.9291 230177.7684
133 $1,467.05 $661.43 805.6222 229516.339
134 $1,467.05 $663.74 803.3072 228852.5947
135 $1,467.05 $666.07 800.9841 228186.5273
136 $1,467.05 $668.40 798.6528 227518.1286
137 $1,467.05 $670.74 796.3135 226847.3905
138 $1,467.05 $673.09 793.9659 226174.3049
139 $1,467.05 $675.44 791.6101 225498.8634
140 $1,467.05 $677.81 789.246 224821.0579
141 $1,467.05 $680.18 786.8737 224140.8801
142 $1,467.05 $682.56 784.4931 223458.3217
143 $1,467.05 $684.95 782.1041 222773.3743
144 $1,467.05 $687.34 779.7068 222086.0296
145 $1,467.05 $689.75 777.3011 221396.2791
146 $1,467.05 $692.16 774.887 220704.1146
147 $1,467.05 $694.59 772.4644 220009.5275
148 $1,467.05 $697.02 770.0333 219312.5093
149 $1,467.05 $699.46 767.5938 218613.0516
150 $1,467.05 $701.91 765.1457 217911.1457
151 $1,467.05 $704.36 762.689 217206.7832
152 $1,467.05 $706.83 760.2237 216499.9554
153 $1,467.05 $709.30 757.7498 215790.6538
154 $1,467.05 $711.78 755.2673 215078.8695
155 $1,467.05 $714.28 752.776 214364.594
156 $1,467.05 $716.78 750.2761 213647.8186
157 $1,467.05 $719.28 747.7674 212928.5344
158 $1,467.05 $721.80 745.2499 212206.7328
159 $1,467.05 $724.33 742.7236 211482.4048
160 $1,467.05 $726.86 740.1884 210755.5417
161 $1,467.05 $729.41 737.6444 210026.1346
162 $1,467.05 $731.96 735.0915 209294.1746
163 $1,467.05 $734.52 732.5296 208559.6526
164 $1,467.05 $737.09 729.9588 207822.5599
165 $1,467.05 $739.67 727.379 207082.8873
166 $1,467.05 $742.26 724.7901 206340.6259
167 $1,467.05 $744.86 722.1922 205595.7666
168 $1,467.05 $747.47 719.5852 204848.3003
169 $1,467.05 $750.08 716.9691 204098.2178
170 $1,467.05 $752.71 714.3438 203345.51
171 $1,467.05 $755.34 711.7093 202590.1678
172 $1,467.05 $757.99 709.0656 201832.1819
173 $1,467.05 $760.64 706.4126 201071.543
174 $1,467.05 $763.30 703.7504 200308.2419
175 $1,467.05 $765.97 701.0788 199542.2692
176 $1,467.05 $768.65 698.3979 198773.6156
177 $1,467.05 $771.34 695.7077 198002.2717
178 $1,467.05 $774.04 693.008 197228.2282
179 $1,467.05 $776.75 690.2988 196451.4754
180 $1,467.05 $779.47 687.5802 195672.0041
181 $1,467.05 $782.20 684.852 194889.8046
182 $1,467.05 $784.94 682.1143 194104.8674
183 $1,467.05 $787.68 679.367 193317.1829
184 $1,467.05 $790.44 676.6101 192526.7415
185 $1,467.05 $793.21 673.8436 191733.5336
186 $1,467.05 $795.98 671.0674 190937.5494
187 $1,467.05 $798.77 668.2814 190138.7793
188 $1,467.05 $801.57 665.4857 189337.2135
189 $1,467.05 $804.37 662.6802 188532.8423
190 $1,467.05 $807.19 659.8649 187725.6557
191 $1,467.05 $810.01 657.0398 186915.644
192 $1,467.05 $812.85 654.2048 186102.7972
193 $1,467.05 $815.69 651.3598 185287.1055
194 $1,467.05 $818.55 648.5049 184468.5588
195 $1,467.05 $821.41 645.64 183647.1473
196 $1,467.05 $824.29 642.765 182822.8607
197 $1,467.05 $827.17 639.88 181995.6892
198 $1,467.05 $830.07 636.9849 181165.6226
199 $1,467.05 $832.97 634.0797 180332.6508
200 $1,467.05 $835.89 631.1643 179496.7635
201 $1,467.05 $838.81 628.2387 178657.9507
202 $1,467.05 $841.75 625.3028 177816.202
203 $1,467.05 $844.69 622.3567 176971.5072
204 $1,467.05 $847.65 619.4003 176123.8559
205 $1,467.05 $850.62 616.4335 175273.2379
206 $1,467.05 $853.60 613.4563 174419.6427
207 $1,467.05 $856.58 610.4687 173563.06
208 $1,467.05 $859.58 607.4707 172703.4791
209 $1,467.05 $862.59 604.4622 171840.8898
210 $1,467.05 $865.61 601.4431 170975.2814
211 $1,467.05 $868.64 598.4135 170106.6434
212 $1,467.05 $871.68 595.3733 169234.9651
213 $1,467.05 $874.73 592.3224 168360.2359
214 $1,467.05 $877.79 589.2608 167482.4452
215 $1,467.05 $880.86 586.1886 166601.5823
216 $1,467.05 $883.95 583.1055 165717.6363
217 $1,467.05 $887.04 580.0117 164830.5965
218 $1,467.05 $890.14 576.9071 163940.4521
219 $1,467.05 $893.26 573.7916 163047.1921
220 $1,467.05 $896.39 570.6652 162150.8058
221 $1,467.05 $899.52 567.5278 161251.2821
222 $1,467.05 $902.67 564.3795 160348.6101
223 $1,467.05 $905.83 561.2201 159442.7787
224 $1,467.05 $909.00 558.0497 158533.7769
225 $1,467.05 $912.18 554.8682 157621.5936
226 $1,467.05 $915.38 551.6756 156706.2176
227 $1,467.05 $918.58 548.4718 155787.6379
228 $1,467.05 $921.79 545.2567 154865.8431
229 $1,467.05 $925.02 542.0305 153940.822
230 $1,467.05 $928.26 538.7929 153012.5634
231 $1,467.05 $931.51 535.544 152081.0558
232 $1,467.05 $934.77 532.2837 151146.288
233 $1,467.05 $938.04 529.012 150208.2485
234 $1,467.05 $941.32 525.7289 149266.9258
235 $1,467.05 $944.62 522.4342 148322.3085
236 $1,467.05 $947.92 519.1281 147374.3851
237 $1,467.05 $951.24 515.8103 146423.1439
238 $1,467.05 $954.57 512.481 145468.5734
239 $1,467.05 $957.91 509.14 144510.6619
240 $1,467.05 $961.26 505.7873 143549.3977
241 $1,467.05 $964.63 502.4229 142584.7691
242 $1,467.05 $968.00 499.0467 141616.7642
243 $1,467.05 $971.39 495.6587 140645.3714
244 $1,467.05 $974.79 492.2588 139670.5787
245 $1,467.05 $978.20 488.847 138692.3742
246 $1,467.05 $981.63 485.4233 137710.746
247 $1,467.05 $985.06 481.9876 136725.682
248 $1,467.05 $988.51 478.5399 135737.1704
249 $1,467.05 $991.97 475.0801 134745.199
250 $1,467.05 $995.44 471.6082 133749.7557
251 $1,467.05 $998.93 468.1241 132750.8283
252 $1,467.05 $1,002.42 464.6279 131748.4047
253 $1,467.05 $1,005.93 461.1194 130742.4726
254 $1,467.05 $1,009.45 457.5987 129733.0197
255 $1,467.05 $1,012.99 454.0656 128720.0337
256 $1,467.05 $1,016.53 450.5201 127703.5023
257 $1,467.05 $1,020.09 446.9623 126683.4131
258 $1,467.05 $1,023.66 443.3919 125659.7535
259 $1,467.05 $1,027.24 439.8091 124632.5111
260 $1,467.05 $1,030.84 436.2138 123601.6734
261 $1,467.05 $1,034.45 432.6059 122567.2277
262 $1,467.05 $1,038.07 428.9853 121529.1615
263 $1,467.05 $1,041.70 425.3521 120487.462
264 $1,467.05 $1,045.35 421.7061 119442.1166
265 $1,467.05 $1,049.00 418.0474 118393.1125
266 $1,467.05 $1,052.68 414.3759 117340.4369
267 $1,467.05 $1,056.36 410.6915 116284.0769
268 $1,467.05 $1,060.06 406.9943 115224.0197
269 $1,467.05 $1,063.77 403.2841 114160.2522
270 $1,467.05 $1,067.49 399.5609 113092.7616
271 $1,467.05 $1,071.23 395.8247 112021.5347
272 $1,467.05 $1,074.98 392.0754 110946.5586
273 $1,467.05 $1,078.74 388.313 109867.82
274 $1,467.05 $1,082.51 384.5374 108785.3058
275 $1,467.05 $1,086.30 380.7486 107699.0029
276 $1,467.05 $1,090.11 376.9465 106608.8979
277 $1,467.05 $1,093.92 373.1311 105514.9775
278 $1,467.05 $1,097.75 369.3024 104417.2284
279 $1,467.05 $1,101.59 365.4603 103315.6372
280 $1,467.05 $1,105.45 361.6047 102210.1904
281 $1,467.05 $1,109.32 357.7357 101100.8745
282 $1,467.05 $1,113.20 353.8531 99987.67607
283 $1,467.05 $1,117.09 349.9569 98870.58141
284 $1,467.05 $1,121.00 346.047 97749.57693
285 $1,467.05 $1,124.93 342.1235 96624.64893
286 $1,467.05 $1,128.87 338.1863 95495.78368
287 $1,467.05 $1,132.82 334.2352 94362.9674
288 $1,467.05 $1,136.78 330.2704 93226.18626
289 $1,467.05 $1,140.76 326.2917 92085.42639
290 $1,467.05 $1,144.75 322.299 90940.67387
291 $1,467.05 $1,148.76 318.2924 89791.9147
292 $1,467.05 $1,152.78 314.2717 88639.13488
293 $1,467.05 $1,156.81 310.237 87482.32033
294 $1,467.05 $1,160.86 306.1881 86321.45693
295 $1,467.05 $1,164.93 302.1251 85156.53051
296 $1,467.05 $1,169.00 298.0479 83987.52685
297 $1,467.05 $1,173.10 293.9563 82814.43167
298 $1,467.05 $1,177.20 289.8505 81637.23066
299 $1,467.05 $1,181.32 285.7303 80455.90945
300 $1,467.05 $1,185.46 281.5957 79270.45361
301 $1,467.05 $1,189.60 277.4466 78080.84867
302 $1,467.05 $1,193.77 273.283 76887.08012
303 $1,467.05 $1,197.95 269.1048 75689.13338
304 $1,467.05 $1,202.14 264.912 74486.99383
305 $1,467.05 $1,206.35 260.7045 73280.64679
306 $1,467.05 $1,210.57 256.4823 72070.07753
307 $1,467.05 $1,214.81 252.2453 70855.27128
308 $1,467.05 $1,219.06 247.9934 69636.21321
309 $1,467.05 $1,223.32 243.7267 68412.88843
310 $1,467.05 $1,227.61 239.4451 67185.28202
311 $1,467.05 $1,231.90 235.1485 65953.37899
312 $1,467.05 $1,236.21 230.8368 64717.16429
313 $1,467.05 $1,240.54 226.5101 63476.62285
314 $1,467.05 $1,244.88 222.1682 62231.7395
315 $1,467.05 $1,249.24 217.8111 60982.49907
316 $1,467.05 $1,253.61 213.4387 59728.8863
317 $1,467.05 $1,258.00 209.0511 58470.88588
318 $1,467.05 $1,262.40 204.6481 57208.48246
319 $1,467.05 $1,266.82 200.2297 55941.66063
320 $1,467.05 $1,271.26 195.7958 54670.40492
321 $1,467.05 $1,275.71 191.3464 53394.69981
322 $1,467.05 $1,280.17 186.8814 52114.52974
323 $1,467.05 $1,284.65 182.4009 50829.87907
324 $1,467.05 $1,289.15 177.9046 49540.73213
325 $1,467.05 $1,293.66 173.3926 48247.07317
326 $1,467.05 $1,298.19 168.8648 46948.88641
327 $1,467.05 $1,302.73 164.3211 45646.15599
328 $1,467.05 $1,307.29 159.7615 44338.86601
329 $1,467.05 $1,311.87 155.186 43027.00052
330 $1,467.05 $1,316.46 150.5945 41710.5435
331 $1,467.05 $1,321.06 145.9869 40389.47888
332 $1,467.05 $1,325.69 141.3632 39063.79054
333 $1,467.05 $1,330.33 136.7233 37733.46228
334 $1,467.05 $1,334.98 132.0671 36398.47788
335 $1,467.05 $1,339.66 127.3947 35058.82103
336 $1,467.05 $1,344.35 122.7059 33714.47538
337 $1,467.05 $1,349.05 118.0007 32365.42453
338 $1,467.05 $1,353.77 113.279 31011.65199
339 $1,467.05 $1,358.51 108.5408 29653.14125
340 $1,467.05 $1,363.27 103.786 28289.87573
341 $1,467.05 $1,368.04 99.01457 26921.83877
342 $1,467.05 $1,372.83 94.22644 25549.01368
343 $1,467.05 $1,377.63 89.42155 24171.38371
344 $1,467.05 $1,382.45 84.59984 22788.93203
345 $1,467.05 $1,387.29 79.76126 21401.64177
346 $1,467.05 $1,392.15 74.90575 20009.496
347 $1,467.05 $1,397.02 70.03324 18612.47771
348 $1,467.05 $1,401.91 65.14367 17210.56987
349 $1,467.05 $1,406.81 60.23699 15803.75534
350 $1,467.05 $1,411.74 55.31314 14392.01696
351 $1,467.05 $1,416.68 50.37206 12975.3375
352 $1,467.05 $1,421.64 45.41368 11553.69966
353 $1,467.05 $1,426.61 40.43795 10127.08609
354 $1,467.05 $1,431.61 35.4448 8695.479367
355 $1,467.05 $1,436.62 30.43418 7258.862024
356 $1,467.05 $1,441.65 25.40602 5817.21652
357 $1,467.05 $1,446.69 20.36026 4370.525256
358 $1,467.05 $1,451.75 15.29684 2918.770574
359 $1,467.05 $1,456.84 10.2157 1461.93475
360 $1,467.05 $1,461.93 5.116772 -5.9731E-10

Q1. =PMT(4.2%/12,12*30,300000)=1467.05

Q2. 5235.352

Q3. 12412.61447

Q4. =PMT(3.6%/12,288,266451.8172)=1383.01

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