what is the scheduled P & I payment of a residential mortgage with an initial principal...
what is the scheduled P & I payment of a residential mortgage with an initial principal balance of $200,000, a coupon rate of 7.20%, and a maturity of 15 years? What will be the remaining balance after two years ?
Homework Answers
| Initial balance | $200,000.00 | ||||
| RoI | 7.20% | ||||
| Maturity | 15 | yrs | |||
| Repayment | $22,237.13 | PMT(7.2%,15,200000,0,) | |||
| Year | Start balance | Interest | Repayment | Principal repaid | Ending balance |
| 1 | $200,000.00 | $14,400.00 | $22,237.13 | $7,837.13 | $192,162.87 |
| 2 | $192,162.87 | $13,835.73 | $22,237.13 | $8,401.40 | $183,761.47 |
| So ending balance is | $183,761.47 | ||||
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what is the scheduled P & I payment of a residential
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