Question

A house is purchased for $200,000 and a 20% down payment is made. The balance is financed by a 30 year adjustable rate mortgage with monthly payments. The initial interest rate is 12% per annum, compounded monthly. Just after the 240th payment, the interest rate is increased to 14% compounded monthly. The payments remain at the original amount until a final smaller payment fully repays the loan. What is the total number of monthly mortgage payments made over the life of the loan, including the final smaller payment?

Answer 1

B. C D F G H 1 2 Given 4 Down Payment Amount = $ 200000*20% = $ 40,000 5 Loan Amount= Amount required to purchase the House - Down Payment 7 $ 2,00000 - $ 40,000 $160,000 No.of Years = 30 2 13 14 15 16 7. 18 No.of Months in 30 Years = 30*12 = 360 Months Interest rate = 12% p.a Compounded Montthly Interest rate per month = 12% /12 = 1% Per Month. + Let the Installment amount be X We know that the value of the Future Cash outflow is equal to the loan Amount 23 24 05 Then X* PVAF (1,360) = $ 160000 26 X97.2183 = $ 160000 Sheet1 Sheet2 Sheets Ready

А B D F E H We know that the value of the Future Cash outflow is equal to the loan Amount Then X* PVAF ( 1%,360) = $160000 X* 97 2183 = $ 160000 23 24 25 26 27 28 29 30 31 32 X= $ 160000/97 2183 X=$ 1645.781 33 34 Amortization Schedule 35 S.No 1 36 37 38 39 40 41 42 43 01 ON Opening Balance $160,000 $159,954.22 $159,907.98 $159,861.28 $159,814.11 $159,766.47 $159,718.35 $159,669.76 $159,620.67 Total Interest @ Balance( OB Amount +Interest) paid $1,600.00 $161,600.00 $1,645.78 $1,599.54 $161,553.76 $1,645.78 $1,599.08 $161,507.06 $1,645.78 $1,598.61 $161,459.89 $1.645.78 51,598.14 $161,412.25 $1,645.78 $1,597,66 S161,364.14 51,645.78 $1,597.18 $161815.54 $1,645.78 $1,596.70 $161,266.45 $1,645.78 $1,596.21 $161,216.88 $1.645.78 Closing Balance Total Balance - Amount paid) $159,954 22 $159.907.98 $159.861.28 $159.81111 $159.766.17 $159.716.35 $159.669.76 $159.620.67 $159.571.10 6 7 44 8 45 9 --- Sheet1 Sheet2 Sheets Ready

A17 G H A B 46 10 $159,571.10 47 11 $159,521.03 48 12 $159,470.46 49 13 $159,419.38 50 $159,367.80 51 15 $159,315.69 52 16 $159,263.07 53 17 $159,209.92 54 18 $159,156.24 55 19 $159,102.02 56 20 $159,047.26 57 21 $158,991.95 58 22 $158,936.09 59 23 $158,879.67 60 24 $158,822.68 61 25 $158,765.13 62 26 $158,707.00 63 $158,648.29 64 28 $158,588.99 65 $158,529.10 66 30 $158,468.61 67 31 $158,407,51 68 32 $158,345.81 39 $158,288.48 70 34 $158.220.54 71 35 $158.156.96 72 36 $158,092.75 KH Sheet1 Sheet2 Sheete Ready D F $1,595.71 $161,166.81 $1,645.78 $1,595.21 $161,116 24 $1,645.78 $1,594.70 $161,065.16 $1,645.78 $1,594 19 $161,013.58 $1,645.78 $1,593.68 $160,961.47 $1,645.78 $1,593.16 $160,908.85 $1,645.78 $1,592.63 $160,855.70 $1,645.78 $1,592.10 $160,802.02 $1,645.78 $1,591.56 $160,747.80 $1,645.78 $1,591.02 $160,693.04 $1,645.78 $1,590.47 $160,637.73 $1,645.78 $1,589.92 $160,581.87 $1,645.78 $1,589.36 $160,525.45 $1,645.78 $1,588.80 $160,468.46 $1,645.78 $1,588.23 $160,410.91 $1,645.78 $1,587.65 $160,352.78 $1,645.78 $1,587.07 $160,294.07 $1,645.78 $1,586.48 $160,234.77 $1,645.78 $1,585.89 $160,174.88 $1,645.78 $1,585.29 $160,114.39 $1,645.78 $1,584.69 $160,053.29 $1,645.78 $1,584.08 $159,991.59 $1,645.78 $1,583.46 $159,929.27 $1,645.78 $1,582.83 $159,866.32 $1,645.78 $1,582.21 $159,802.74 $1.645.78 51581.57 $159,788.53 $1.645.78 $1.580.93 $159,673.68 $1,645.78 $159,521.03 $159 470.46 $159 419 38 $159,367 80 $159,315.69 $159,263.07 $159,209.92 $159,156 24 $159,102.02 $159,047 26 $158,991.95 $158,936.09 $158,879.67 $158,822.68 $158.765.13 $158,707.00 $158,648.29 $158.588.99 $158,529 10 $158.165.61 $158,407 51 $158 345.81 5158 288.48 5158 2 20.54 $158.150.96 $158.092.715 $168.027.90

А G H 73 74 75 76 78 79 80 81 82 83 84 85 86 B 37 $158,027.90 38 $157,962.40 39 $157,896.24 40 $157,829.42 41 $157,761.93 42 $157,693.77 43 $157,624.93 44 $157,555.40 45 $157,485.17 46 $157,41424 47 $157,342.60 48 $157,270.25 49 $157,197.17 50 $157,123.36 51 $157,048.81 52 $156,973.52 53 $156,897.47 54 $156,820.67 55 $156,743.09 56 $156,664.74 57 $156,585.61 58 $156,505.68 59 $156,424.96 60 $156,343.43 61 $156,261.08 62 $156,177.91 63 $156,093.91 Sheet1 Sheet2 Sheette D E F. $1,580.28 $159,608.18 $1,645.78 $1,579.62 $159,542.02 $1,645.78 $1,578.96 $159,475 20 $1,645.78 $1,578 29 $159,407.71 $1,645.78 $1,577.62 $159,339.55 $1,645.78 $1,576.94 $159,270.71 $1,645.78 $1,576.25-$159,201.18 $1,645.78 $1,575.55 $159,130.95 $1,645.78 $1,574.85 $159,060.02 $1,645.78 $1,574.14 $158,988.38 $1,645.78 $1,573.43 $158,916.03 $1,645.78 $1,572.70 $158,842.95 $1,645.78 $1,571.97 $158,769.14 $1,645.78 $1,571.23 $158,694.59 $1,645.78 $1,570.49 $158,619.30 $1,645.78 $1,569.74 $158,543.25 $1,645.78 $1,568.97 $158,466.45 $1,645.78 $1,568.21 $158,388.87 $1,645.78 $1,567.43 $158,310.52 $1,645.78 $1,566.65 $158,231.39 $1,645.78 $1,565.86 $158,151.46 $1,645.78 $1,565.06 $158,070.74 $1,645.78 $1,564.25 $157,989.21 $1,645.78 $1,563.43 $157,906.86 $1,645.78 $1,562.61 $157,823.69 $1,645.78 $1,561.78 $157,739.69 $1,645.78 $1,560.94 $157,654.85 $1,645.78 $157,962.40 $157,896.24 $157,829.42 $157,761.93 $157,693.77 $157,624.93 $157,555.40 $157,485.17 $157,414.24 $157,342.60 $157,270.25 $157,197.17 $157,123.36 $157,048.81 $156,973.52 $156,897 47 $156,820.67 $156,743.09 $156,664.74 $156,585.61 $156,505.68 $156.424.96 $156,343.43 $156,261.08 $156,177.91 $156,096.91 $156,009.07 87 88 89 90 91 92 93 94 95 96 97 99

А B H 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 64 $156,009.07 65 $155,923.38 66 $155,836.83 67 $155,749.42 68 $155,661.13 69 $155,571.96 70 $155,481.90 71 $155,390.94 72 $155,299.06 73 $155,206.27 74 - $155,112.56 75 $155,017.90 76 $154,922.30 77 $154,825.74 78 $154,728.22 79 $154,629.72 80 $154,530.23 81 $154,429.76 82 $154,328.27 83 $154,225.77 84 $154,122.25 85 $154,017.69 86 $153,912.09 87 $153,805.43 88 $153,697.70 89 $153,588.90 90 $153,479.01 Sheet1 Sheet2 Sheet3 D E F $1,560.09 $157,569.16 $1,645.78 $1,559.23 $157,482.61 $1,645.78 $1,558.37 $157,395.20 $1,645.78 $1,557.49 $157,306.91 $1,645.78 $1,556.61 $157,217.74 $1,645.78 $1,555.72 $157,127.68 $1,645.78 $1,554.82 $157,036.72 $1,645.78 $1,553.91 $156,944.85 $1,645.78 $1,552.99 $156,852.06 $1,645.78 $1,552.06 $156,758.34 $1,645.78 $1,551.13 $156,663.68 $1,645.78 $1,550.18 $156,568.08 $1,645.78 $1,549.22 $156,471.52 $1,645.78 $1,548.26 $156,374.00 $1,645.78 $1,547.28 $156,275.50 $1,645.78 $1,546.30 $156,176.02 $1,645.78 $1,545.30 $156,075.54 $1,645.78 $1,544.30 $155,974.05 $1,645.78 $1,543.28 $155,871.56 $1,645.78 $1,542.26 $155,768.03 $1,645.78 $1,541.22 $155,663.47 $1,645.78 $1,540.18 $155,557.87 $1,645.78 $1,539.12 $155,451.21 $1,645.78 $1,538.05 $155,343.48 $1,645.78 51,536.98 $155,234.68 $1,645.78 $1,535.89 S155,124.79 51,645.78 $1,534.79 $155,013.80 $1,645.78 G $155,923.38 $155,836.83 $155,749.42 $155,661.13 $155,571.96 $155,481.90 $155,390.94 $155,299.06 $155,206.27 $155,112.56 $155,017.90 $154,922.30 $154,825.74 $154,728.22 $154,629.72 $154,530.23 $154,429.76 $154,328.27 $154,225.77 S154,122.25 $154,017.69 $153,912.09 $153,805.43 S153,697.70 $153,588.90 S153,479.01 5153,368.01

A H 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 B С 91 $153,368.01 92 $153,255.91 93 $153,142.69 94 $153,028.34 95 $152,912.84 96 $152,796.19 97 $152,678.37 98 $152,559.37 99 $152,439.18 100 $152,317.79 101 $152,195.19 102 $152,071.36 103 $151,946.30 104 $151,819.98 105 $151,692.40 106 $151,563.54 107 $151,433.39 108 $151,301.95 109 $151,169.18 110 $151,035.10 111 $150,899.67 112 $150,762.88 113 $150,624.73 $150,485.20 115 $150,344.27 116 $150,201.93 117 $150,058.17 Sheet1 Sheet2 Sheets D F $1,533.68 $154,901.69 $1,645.78 $1,532.56 $154,788.47 $1,645.78 $1,531.43 $154,674.12 $1,645.78 $1,530.28 $154,558,62 $1,645.78 $1,529.13 $154,441.97 $1,645.78 $1,527.96 $154,324.15 $1,645.78 $1,526.78 $154,205.15 $1,645.78 $1,525.59 $154,084.97 $1,645.78 $1,524.39 $153,963.58 $1,645.78 $1,523.18 $153,840.97 $1,645.78 $1,521.95 $153,717.14 $1,645.78 $1,520.71 $153,592.08 $1,645.78 $1,519.46 $153,465.76 $1,645.78 $1,518.20 $153,338.18 $1,645.78 $1,516.92 $153,209.32 $1,645.78 $1,515.64 $153,079.17 $1,645.78 $1,514.33 $152,947.73 $1,645.78 $1,513.02 $152,814.97 $1,645.78 $1,511.69 $152,680.88 $1,645.78 $1,510.35 $152,545.45 $1,645.78 $1,509.00 $152,408.66 $1,645.78 $1,507.63 $152,270.51 S1,645.78 $1,506.25 $152,130.98 $1,645.78 $1,504.85 5151,990.05 S1,645.78 $1,503.44 $151,847.71 $1,645.78 $1,502.02 5151,703.95 $1,645.78 $1,500.58 $151,558.75 $1,645.78 $153,255.91 $153,142.69 $153,028.34 $152,912.84 $152,796.19 $152,678.37 $152,559.37 $152,439.18 $152,317.79 $152,195.19 $152,071.36 $151,946.30 $151,819.98 $151,692.40 $151,563.54 $151,433.39 $151,301.95 $151,169.18 $151,035 10 $150,899.67 $150.762.Ss S150.624.73 $150,485.20 $150,341.27 $150,201.98 $150,058.17 $149,912.99

А В H 154 155 118 119 120 121 122 123 124 125 126 127 128 129 130 156 157) 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 D E F $1,499.13 $151,412.10 $1,645.78 $1,497.66 $151,263.98 $1,645.78 $1,496.18 $151,114.38 $1,645.78 $1,494.69 $150,963.28 $1,645.78 $1,493.18 $150,810.68 $1,645.78 $1,491.65 $150,656.55 $1,645.78 $1,490.11 $150,500.87 $1,645.78 $1,488.55 $150,343.64 $1,645.78 $1,486.98 $150,184.84 $1,645.78 $1,485.39 $150,024.45 $1,645.78 $1,483.79 $149,862.46 $1,645.78 $1,482.17 $149,698.84 $1,645.78 $1,480.53 $149,533.59 $1,645.78 $1,478.88 $149,366.69 $1,645.78 $1,477.21 $149,198.12 $1,645.78 $1,475.52 $149,027.86 $1,645.78 $1,473.82 $148,855.90 $1,645.78 $1,472.10 $148,682.22 $1,645.78 $1,470.36 $148,506.80 $1,645.78 $1,468.61 5148,329.63 $1,645.78 $1,466.84 5148,150.69 $1,645.78 $1,465.05 $147,969.96 $1,645.78 $1,463.24 $147,787.42 $1,645.78 $1,461.42 $147,603.05 $1,645.78 51,459.57 $147,416.85 $1,645.78 $1,457.71 $147.228.77 $1,645.78 $1,455.83 $147,038.82 $1,645.78 $149,912.97 $149,766.32 $149,618.20 $149,468.60 $149,317.50 $149,164.90 $149,010.77 $148,855.09 $148,697.86 $148,539.06 $148,378.67 $148,216.68 $148,053.06 $147,887.81 $147,720.91 $147,552.34 $147,382.08 $147,210.12 $147,036.44 $146,861.02 $146,683.85 $146,504.91 $146,324.18 $146,141.64 $145,957.27 $145,771.06 $145,582.99 Sheete G $149,766.32 $149,618.20 $149,468.60 $149,317.50 $149,164.90 $149,010.77 $148,855.09 $148,697.86 $148,539.06 $148,378.67 $148,216.68 $148,053.06 $147,887.81 $147,720.91 $147,552.34 $147,382.08 $147,210.12 $147,036.44 $146,861.02 $146,683.85 $146,504.91 $146,324.18 $146.141.64 $145.957.27 S145,771.06 $145,582.99 $145,393.04 131 132 133 134 135 136 137 188 139 140 141 142 143 144 Sheet1 Sheet

A17 A B G H 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 Sheet1 Sheet2 $145,393.04 $145,201.19 $145,007 42 $144,811.72 $144,614.05 $144,414 41 $144,212.78 $144,009.12 $143,803.43 $143,595.69 $143,385.86 $143,173.94 $142,959.90 $142,743.72 $142,525.37 $142,304.84 $142,082.11 $141,857.15 $141,629.94 $141,400.46 $141,168.68 $140,934.59 $140,698.15 $140,459.36 $140,218.17 $139,974.57 $139,728.53 Sheet3 D E F $1,453.93 $146,846.97 $1,645.78 $1,452.01 $146,653.20 $1,645.78 $1,450.07 $146,457.50 $1,645.78 $1,448.12 $146,259.83 $1,645.78 $1,446.14 $146,060.19 $1,645.78 $1,444.14 $145,858.56 $1,645.78 $1,442.13 $145,654.90 $1,645.78 $1,440.09 $145,449 21 $1,645.78 $1,438.03 $145,241.47 $1,645.78 $1,435.96 $145,031.64 $1,645.78 $1,433.86 $144,819.72 $1,645.78 $1,431.74 $144,605.68 $1,645.78 $1,429.60 $144,389.50 $1,645.78 $1,427.44 $144,171.15 $1,645.78 $1,425.25 $143,950.63 $1,645.78 $1,423.05 5143,727.89 $1,645.78 $1,420.82 $143,502.93 $1,645.78 $1,418.57 $143,275.72 $1,645.78 $1,416.30 $143,046,24 $1,645.78 $1,414.00 $142,814.47 $1,645.78 $1,411.69 $142,580.37 $1,645.78 $1,409.35 $142,343.94 $1,645.78 $1,406.98 $142,105.14 $1,645.78 $1,404.59 $141.863.95 $1,645.78 $1,402.18 $141,620.35 $1,645.78 $1,399.75 $141,374.31 $1,645.78 $1,397.29 $141.125.82 $1,645.78 $145,201.19 $145,007.42 $144,811.72 $144,614.05 $144,414.41 $144,212.78 $144,009.12 $143,803.43 $143,595.69 $143,385.86 $143,173.94 $142,959.90 $142,743.72 $142,525.37 $142,304.84 $142,082.11 $141,857.15 $141,629.94 $141,400.46 $141,168.68 5140,934.59 $140,698.15 $140,459.36 $140,218.17 $139,974.57 $139,728.53 $139,480.04 196 197 198 199 200 201 202 203 204 205 206 207

А H 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 B C 172 $139,480.04 173 $139,229.06 174 $138,975.57 175 $138,719.54 176 $138,460.96 177 $138,199.78 178 $137,936.00 179 $137,669.58 180 $137,400.50 181 $137,128.72 182 $136,854.23 183 $136,576.99 184 $136,296.98 185 $136,014.16 186 $135,728.52 187 $135,440.03 188 $135,148.65 189 $134,854.35 190 $134,557.12 191 $134,256.91 192 $133,953.69 193 $183,647.45 194 $133,338.14 195 $133,025.74 196 $132.710.22 197 $132,391.54 198 S132,069.68 Sheet1 Sheet2 Sheet3 D E F $1,394.80 $140,874.84 $1,645.78 $1,392 29 $140,621.35 $1,645.78 $1,389.76 $140,365.32 $1,645.78 $1,387 20 $140,106.74 $1,645.78 $1,384.61 $139,845.57 $1,645.78 $1,382.00 $139,581.78 $1,645.78 $1,379.36 $139,315.36 $1,645.78 $1,376.70 $139,046.28 $1,645.78 $1,374.00 $138,774.50 $1,645.78 $1,371.29 $138,500.01 $1,645.78 $1,368.54 $138,222.77 $1,645.78 $1,365.77 $137,942.76 $1,645.78 $1,362.97 $137,659.95 $1,645.78 $1,360.14 $137,374.31 $1,645.78 $1,357.29 $137,085.81 $1,645.78 $1,354.40 $136,794.43 $1,645.78 $1,351.49 $136,500.13 $1,645.78 $1,348.54 $136,202.90 $1,645.78 $1,345.57 $135,902.69 $1,645.78 $1,342.57 $135,599.48 $1,645.78 $1,339.54 $135,293.23 $1,645.78 $1,336.47 $134,983.92 $1,645.78 $1,333.38 $134,671.53 $1,645.78 $1,330.26 $134,356.00 $1,645.78 $1,327.10 $134,037.32 $1,645.78 $1,323.92 $133.715.46 $1,645.78 $1,320.70 $133,390.37 51,645.78 G $139,229.06 $138,975.57 $138,719.54 $138,460.96 $138,199.78 $137,936.00 $137,669.58 $137,400.50 $137,128.72 $136,854.23 $136,576.99 $136,296.98 $136,014.16 $135,728.52 $135,440.03 $135,148.65 $134,854.35 $134,557.12 $134,256.91 $133,953.69 $133,647.45 S133,338.14 $133,025.74 $132.710.22 $132,391.54 S132,069.68 $131,744.59

A H 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 B 199 $131,744.59 200 $131,416.26 201 $131,084.64 202 $130,749.70 203 $130,411.42 204 $130,069.75 205 $129,724.67 206 $129,376.14 207 $129,024.12 208 $128,668.58 209 $128,309.48 210 $127,946.79 211 $127,580.48 212 $127,210.51 213 $126,836.83 214 $126,459.42 215 $126,078.23 216 $125,693.23 217 $125,304.38 218 $124,911.65 219 $124,514.98 220 $124,114.35 221 S128,709.71 2122 $123,301.03 223 $122.888.26 2124 $122,471.36 225 $122,050.29 Sheet1 Sheet2 Sheets D E F $1,317.45 $133,062.04 $1,645.78 $1,314.16 $132,730.42 $1,645.78 $1,310.85 $132,395.49 $1,645.78 $1,307.50 $132,057 20 $1,645.78 $1,304.11 $131,715.53 $1,645.78 $1,300.70 $131,370.45 $1,645.78 $1,297.25 $131,021.92 $1,645.78 $1,293.76 $130,669.90 $1,645.78 $1,290.24 $130,314.36 $1,645.78 $1,286.69 $129,955.26 $1,645.78 $1,283.09 $129,592.58 $1,645.78 $1,279.47 $129,226.26 $1,645.78 $1,275.80 $128,856.29 $1,645.78 $1,272.11 $128,482.61 $1,645.78 $1,268.37 $128,105.20 $1,645.78 $1,264.59 $127,724.01 $1,645.78 $1,260.78 $127,339.01 $1,645.78 $1,256.93 $126,950.16 $1,645.78 $1,253,04 $126,557.43 $1,645.78 $1,249.12 $126,160.76 $1,645.78 $1,245.15 S125,760.13 $1,645.78 $1,241.14 $125,355.49 $1,645.78 $1,237.10 $124,946.81 $1,645.78 $1,233.01 S124,534.04 $1,645.78 $1,228.88 $124,117.14 $1,645.78 $1,224.71 $123,696.07 $1,645.78 $1,220.50 $123,270.79 51,645.78 $131,416.26 $131,084.64 $130,749.70 $130,411.42 $130,069.75 $129,724.67 $129,376.14 $129,024.12 $128,668.58 $128,309.48 $127,946.79 $127,580.48 $127,210.51 $126,836.83 $126,459.42 $126,078.23 $125,693.23 $125,304.38 $124,911.65 $124,514.98 $124.114.35 S123.709.71 $123,301.03 5122,888.26 S122,471.36 $122,050.29 $121.625.01 Ready

A B G H 62 263 265 66 67 68 69 70 226 227 228 229 230 231 232 233 234 235 236 237 238 С $121,625.01 $121,195.48 $120,761.66 $120,323.49 $119,880.95 $119,433.97 $118,982.53 $118,526.58 $118,066.06 $117,600.94 $117,131.17 $116,656.70 $116,177.49 $115,693.48 $115,204.63 D E $1,216.25 $122,841.26 $1,645.78 $1,211.95 $122,407.44 $1,645.78 $1,207.62 $121,969.27 $1,645.78 $1,203 23 $121,526.73 $1,645.78 $1,198.81 $121,079.76 $1,645.78 $1,194.34 $120,628.31 $1,645.78 $1,189.83 $120,172.36 $1,645.78 $1,185.27 $119,711.84 $1,645.78 $1,180.66 $119,246.72 $1,645.78 $1,176.01 $118,776.95 $1,645.78 $1,171.31 $118,302.48 $1,645.78 $1,166.57 $117,823.27 $1,645.78 $1,161.77 $117,339.26 $1,645.78 $1,156.93 $116,850.42 $1,645.78 $1,152.05 $116,356.68 $1,645.78 $121,195.48 $120,761.66 $120,323.49 $119,880.95 $119.433.97 $118,982.53 $118,526.58 $118,066.06 $117,600.94 $117,131.17 $116,656.70 $116,177.49 $115,693.48 $115,204.63 $114,710.90 72 73 75 240 Closing Balance of the loan after 240th Payment is $ 114710.90 76 77 78 79 30 81 82 32 After 240th Payment the Interest rate Changes Interest rate per annum = 14% Compounded Monthly Interest rate per month= 14% /12 = 1.16667% 35 36 37 38

B D E F G 289 H 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 Interest Total @1.16667 Balance( OB Amount S.No Opening Balance % +Interest) paid 241 $114,710.90 $1,338.30 $116,049 20 $1,645.78 242 $114,403.42 $1,334.71 $115,738.13 $1,645.78 243 $114,092.35 $1,331.08 $115,423.43 $1,645.78 244 $113,777.65 $1,327.41 $115,105.06 $1,645.78 245 $113,459.27 $1,323.70 $114,782.97 $1,645.78 246 $113,137.19 $1,319.94 $114,457.13 $1,645.78 247 $112,811.35 $1,316.14 $114,127.48 $1,645.78 248 $112,481.70 $1,312 29 $113,793.99 $1,645.78 249 $112,148.21 $1,308.40 $113,456.61 $1,645.78 250 $111,810.83 $1,304.46 $113,115.29 $1,645.78 251 $111,469.51 $1,300.48 $112,769.99 $1,645.78 252 $111,124.21 $1,296.45 $112,420.66 $1,645.78 253 $110,774.88 $1,292.38 $112,067.26 $1,645.78 254 $110,421.48 $1,288.25 $111,709.73 $1,645.78 255 $110,063.95 $1,284.08 $111,348.04 $1,645.78 256 $109,702.26 $1,279.86 $110,982.12 $1,645.78 257 $109,336.34 $1,275.59 $110,611.93 $1,645.78 258 $108,966.15 $1,271.28 5110,237.43 $1,645.78 259 S108,591.65 $1,266.91 $109,858.55 $1,645.78 260 $108, 212.77 51,262.49 $109,475.26 $1,645.78 261 $107,829.48 $1,258.01 $109,087.49 $1,645.78 262 $107,441.71 $1,253.49 $108,695.20 $1,645.78 263 $107,049.42 $1,248.91 $108,298.33 51,645.78 Sheet1 Sheet2 Sheet3 Closing Balance Total Balance - Amount paid) $114,403.42 $114,092.35 $113,777.65 $113,45927 $113,137.19 $112,811.35 $112,481.70 $112,148.21 $111,810.83 $111,469.51 $111,124.21 $110,774.88 $110,421.48 $110,063.95 $109,702.26 $109,336.34 S108,966.15 $108,591.65 $108,212.77 $107,829.48 $107,441.71 $107,049.42 S106,652.55

A B G H 313 314 315 316 317 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 D Ε F $107,049.42 $1,248.91 $108,298.33 $1,645.78 $106,65255 $1,244 28 $107,896.83 $1,645.78 $106,251.05 $1,239.60 $107,490.65 $1,645.78 $105,844.87 $1,234.86 $107,079.73 $1,645.78 $105,433.95 $1,230,07 $106,664.02 $1,645.78 $105,018 23 $1,225.22 $106,243.45 $1,645.78 $104,597.67 $1,220.31 $105,817.98 $1,645.78 $104,172.20 $1,215.35 $105,387.54 $1,645.78 $103,741.76 $1,210.32 $104,952.09 $1,645.78 $103,306.31 $1,205.24 $104,511.55 $1,645.78 $102,865.77 $1,200.10 $104,065.87 $1,645.78 $102,420.09 $1,194.90 $103,615.00 $1,645.78 $101,969.22 $1,189.64 $103,158.86 $1,645.78 $101,513.08 $1,184.32 $102,697.40 $1,645.78 $101,051.62 $1,178.94 $102,230.56 $1,645.78 $100,584.78 $1,173.49 $101,758.27 $1,645.78 $100,112.49 $1,167.98 $101,280.47 $1,645.78 $99,634.69 $1,162.41 $100,797.10 $1,645.78 $99,151.32 $1,156.77 $100,308.09 $1,645.78 $98,662.31 $1,151.06 $99,813.37 51,645.78 $98,167.59 $1,145.29 599,312.88 $1,645.78 $97,667.10 $1,139.45 598,806.55 $1,645.78 $97,160.77 $1,133.55 $98,294.32 $1,645.78 596,648.54 $1,127.57 597,776.11 $1,645.78 $96,130.32 $1,121.52 597,251.85 51,645.78 595,606.07 $1,115.41 $96,721.47 $1,645.78 595,075.69 $1,109.22 596,184.91 $1,645.78 Sheet3 $106,652.55 $106,251.05 $105,84487 $105,433.95 $105,018 23 $104,597.67 $104,172.20 $103,741.76 $103,306.31 $102,865.77 $102,420.09 $101,969 22 $101,513.08 5101,051.62 $100,584.78 $100,112.49 $99,634.69 $99,151.32 $98,662.31 $98,167.59 $97,667.10 $97,160.77 $96,648.54 S96,130.32 595,606.07 $95,075.69 $94,539.13 278 279 280 281 282 283 284 285) 286 287 288 289 Sheet2 Sheet1

A B G H 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 816 Sheet2 D E F $94,539.13 $1,102.96 $95,642.09 $1,645.78 $93,996.31 $1,096.63 $95,092.94 $1,645.78 $93,447.16 $1,090.22 $94,537.38 $1,645.78 $92,891.60 $1,083.74 $93,975.33 $1,645.78 $92,329.55 $1,077.18 $93,406.73 $1,645.78 $91,760.95 $1,070.55 $92,831.50 $1,645.78 $91,185.72 $1,063.84 $92,249.56 $1,645.78 $90,603.77 $1,057,05 $91,660.82 $1,645.78 $90,015.04 $1,050.18 $91,065.22 $1,645.78 $89,419.44 $1,043.23 $90,462.67 $1,645.78 $88,816.89 $1,036 20 $89,853.09 $1,645.78 $88,207.31 $1,029.09 $89,236.39 $1,645.78 $87,590.61 $1,021.89 $88,612.51 $1,645.78 $86,966.73 $1,014.61 $87,981.34 $1,645.78 $86,335.56 $1,007 25 $87,342.81 $1,645.78 $85,697.03 $999.80 $86,696.83 $1,645.78 $85,051.05 $992.27 586,043.32 $1,645.78 $84,397.53 $984.64 585,382.17 $1,645.78 $83,736.39 $976.93 584,713.32 $1,645.78 $83,067.54 $969.12 S84,036.66 $1,645.78 $82,390.88 5961.23 583,352.11 $1,645.78 $81,706.33 5953.24 582,659.58 $1,645.78 $81,013.79 $945.16 581,958.96 $1,645.78 S80,313.18 $936.99 581,250.17 $1,645.78 $79,604.39 5928.72 S80,533.11 $1,645.78 $78,887.33 5920.35 $79,807,68 51.645.78 $78,161.90 5911.89 $79,073.79 51,645.78 Sheet3 $93,996.31 $93,447.16 $92,891.60 $92,329.55 $91,760.95 $91,185.72 $90,603.77 $90,015.04 $89,419.44 $88,816.89 $88,207.31 $87,590.61 $86,966.73 $86,335.56 $85,697.03 $85,051.05 $84,397.53 $83,736.39 $83,067.54 $82,390.88 $81,706.33 S$1,013.79 S80,313.18 $79,604.39 $78,887.33 $78.161.90 $77,428.01 Sheet1

A B D H 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 Sheet2 C $77,428.01 $76,685.56 $75,934.44 $75,174.57 $74,405.83 $73,628.12 $72,841.33 $72,045.37 $71,240.12 $70,425.48 $69,601.33 $68,767.56 $67,924.07 $67,070.74 $66,207.46 $65,334.10 $64,450.55 $63,556.69 $62,652.41 $61,737.58 $60,812.07 $59,875.76 $58,928.53 557 970 26 $57,000.80 $56,020.03 $55,027.81 Sheet3 $903.33 $894.67 $885.90 $877.04 $868.07 $859.00 $849.82 $840.53 $831.14 $821.63 $812.02 $802.29 $792.45 $782.49 $772.42 $762.23 $751.93 $741.50 $730.95 $720.27 $709.48 $698.55 $687.50 $676.32 5665.01 $653.57 5641.99 E F $78,331.34 $1,645.78 $77,580.23 $1,645.78 $76,820.35 $1,645.78 $76,051.61 $1,645.78 $75,273.90 $1,645.78 $74,487.11 $1,645.78 $73,691.15 $1,645.78 $72,885.90 $1,645.78 $72,071.26 $1,645.78 $71,247.11 $1,645.78 $70,413.34 $1,645.78 $69,569.85 $1,645.78 $68,716.52 $1,645.78 $67,853 24 $1,645.78 $66,979.88 $1,645.78 $66,096.33 $1,645.78 $65,202.47 $1,645.78 $64,298.19 $1,645.78 $63,383.36 $1,645.78 $62,457.85 $1,645.78 $61,521.54 $1,645.78 $60,574.32 $1,645.78 $59,616.04 $1,645.78 $58,616.58 $1,645.78 $57.665.81 $1,645.78 $56,673.59 $1,645.78 $55,669.81 $1,645.78 G $76,685.56 $75,934.44 $75,174.57 $74,405.83 $73,628.12 $72,841.33 $72,045.37 $71,240.12 $70,425.48 $69,601.33 $68,767.56 $67,924.07 $67,070.74 $66,207.46 $65,334.10 $64,450.55 $63,556.69 $62,652.41 $61,737.58 $60,812.07 $59,875.76 $58,928.53 $57,970.26 $57,000.80 $56,020.03 $55,027.81 $54.024.08 390 391 B92 393 Sheet1 Read

А H 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 342 343 344 345 346 347 348 349 350 351 352 353 354 355 С $56,020.03 $55,027-81 $54,024.03 $53,008.53 $51,981.18 $50,941.85 $49,890.39 $48,826.67 $47,750.53 $46,661.84 $45,560.45 $44,446.21 $43,318.97 $42,178.58 $41,024.88 $39,857.72 $38,676.95 $37,482.40 $36,273.92 $35,051.33 $33,814.49 $32,563.21 $31,297.33 $30,016,69 $28,721.10 $27.410.40 $26,084.41 Sheet2 D $653.57 $641.99 $630 28 $618.43 $606.45 $594.32 $582.06 $569.65 $557.09 $544.39 $531.54 $518.54 $505.39 $492.08 $478.62 $465.01 $451.23 $437.30 $423.20 $408.93 $394.50 $379.91 $365.14 $350.20 $335.08 $319.79 5304.32 E F $56,673.59 $1,645.78 $55,669.81 $1,645.78 $54,654.31 $1,645.78 $53,626.96 $1,645.78 $52,587.63 $1,645.78 $51,536.17 $1,645.78 $50,47245 $1,645.78 $49,396.31 $1,645.78 $48,307.62 $1,645.78 $47,206.23 $1,645.78 $46,091.99 $1,645.78 $44,964.75 $1,645.78 $43,824.36 $1,645.78 $42,670.66 $1,645.78 $41,503.51 $1,645.78 $40,322.73 $1,645.78 $39,128.18 $1,645.78 $37,919.70 $1,645.78 $36,697.11 $1,645.78 $35,460.27 $1,645.78 $34.208.99 $1,645.78 $32,943.11 $1,645.78 531,662.47 $1,645.78 $30,366.88 $1,645.78 $29,056.18 $1,645.78 S27,730.19 $1,645.78 $26,388.73 $1,645.78 G $55,027.81 $54,024.03 $53,008.53 $51,981.18 $50,941.85 $49,890.39 $48,826.67 $47,750.53 $46,661.84 $45,560.45 $44,446.21 $43,318.97 $42,178.58 $41,024.88 $39,857.72 $38,676.95 $37,482.40 $36,273.92 $35,051.33 $33,814.49 $32,563.21 $31,297.33 $30,016.69 $28,721.10 $27,410.40 $26,084.41 $24,742.95 407 408 409 410 411 412 413 414 415 416 417 418 356 357 358 359 360 561 362 368 564 365 366 367 368 Sheet2 - Sheet1

A17 A G 419 Н 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 369 370 371 372 373 374 375 376 377 378 379 380 381 С $24,742.95 $23,385.84 $22,012.89 $20,623.93 $19,218.76 $17,797.20 $16,359.05 $14,904.13 $13,432.23 $11,943.16 $10,436.71 $8,912.69 $7,370.89 $5,811.11 $4,233.12 $2,636.73 $1,021.71 D $288.67 $272.84 $256.82 $240.61 $224.22 $207.63 $190.86 $173.88 $156.71 $139.34 $121.76 $103.98 $85.99 $67.80 $49.39 $30.76 $11.92 E F $25,031.62 $1,645.78 $23,658.67 $1,645.78 $22,269.71 $1,645.78 $20,864.54 $1,645.78 $19,442.98 $1,645.78 $18,004.83 $1,645.78 $16,549.91 $1,645.78 $15,078.01 $1,645.78 $13,588.94 $1,645.78 $12,082.49 $1,645.78 $10,558.47 $1,645.78 $9,016.68 $1,645.78 $7,456.89 $1,645.78 $5,878.90 $1,645.78 $4,282.51 $1,645.78 $2,667.49 $1,645.78 $1,033.63 $1,033.63 $23,385.84 $22,012.89 $20,623.93 $19,218.76 $17,797 20 $16,359.05 $14,904.13 $13,432.23 $11,943.16 $10,436.71 58,912.69 $7,370.89 $5,811.11 $4,233.12 $2,636.73 $1,021.71 $0.00 382 383 384 385 437 The Smallest payment amount is S 1033.63 438 439 449 441 442 Hence Total 385 Mortgage payments are required to repay the loan.