Given a mortgage of a $100000 at 7% for 15 years, prepare a one month amortization schedule. What is the balance after the 1st month's payment?
As per given information:
PrincipL (p)= 100000
R = 0.07/12
N = 15 X 12 = 180
Monthly installment = [P x R x (1+R)^N]/[(1+R)^N-1]
= [100000 X 0.07/12 x (1+0.07/12)^180] / [(1+0.07/12)^180-1]
= $898.83
Month | Total Mortgage Payment | Payment on Interest | Payment on Principal | Principal Balance |
1 | $898.83 | 100000*0.07/12 = $583.33 | $898.83 - 583.33= $315.49 | $100,000.00 |
Balance after the 1st month's payment = $100,000.00 - $315.49 = $996684.51
Given a mortgage of a $100000 at 7% for 15 years, prepare a one month amortization...
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