Homework Answers
1. Monthly payment = $6,054.25 (with extra payment) and $5,588.54 (without extrapayment)
2. Total payments = $17,25,087 (with extra payment) and $20,11,842 (without extra payment)
3. 286 months
AMORTIZATION SCHEDULE (WITHOUT AMORTIZATION) (FIRST 36 PAYMENTS)
| Period |
Scheduled Payment |
Extra Payment |
Total Payment |
Principal | Interest | Balance |
| 0 | $8,40,000.00 | |||||
| 1 | $5,588.54 | $0.00 | $5,588.54 | $688.54 | $4,900.00 | $8,39,311.46 |
| 2 | $5,588.54 | $0.00 | $5,588.54 | $692.56 | $4,895.98 | $8,38,618.90 |
| 3 | $5,588.54 | $0.00 | $5,588.54 | $696.60 | $4,891.94 | $8,37,922.30 |
| 4 | $5,588.54 | $0.00 | $5,588.54 | $700.66 | $4,887.88 | $8,37,221.64 |
| 5 | $5,588.54 | $0.00 | $5,588.54 | $704.75 | $4,883.79 | $8,36,516.90 |
| 6 | $5,588.54 | $0.00 | $5,588.54 | $708.86 | $4,879.68 | $8,35,808.04 |
| 7 | $5,588.54 | $0.00 | $5,588.54 | $712.99 | $4,875.55 | $8,35,095.04 |
| 8 | $5,588.54 | $0.00 | $5,588.54 | $717.15 | $4,871.39 | $8,34,377.89 |
| 9 | $5,588.54 | $0.00 | $5,588.54 | $721.34 | $4,867.20 | $8,33,656.55 |
| 10 | $5,588.54 | $0.00 | $5,588.54 | $725.54 | $4,863.00 | $8,32,931.01 |
| 11 | $5,588.54 | $0.00 | $5,588.54 | $729.78 | $4,858.76 | $8,32,201.23 |
| 12 | $5,588.54 | $0.00 | $5,588.54 | $734.03 | $4,854.51 | $8,31,467.20 |
| 13 | $5,588.54 | $0.00 | $5,588.54 | $738.32 | $4,850.23 | $8,30,728.88 |
| 14 | $5,588.54 | $0.00 | $5,588.54 | $742.62 | $4,845.92 | $8,29,986.26 |
| 15 | $5,588.54 | $0.00 | $5,588.54 | $746.95 | $4,841.59 | $8,29,239.30 |
| 16 | $5,588.54 | $0.00 | $5,588.54 | $751.31 | $4,837.23 | $8,28,487.99 |
| 17 | $5,588.54 | $0.00 | $5,588.54 | $755.69 | $4,832.85 | $8,27,732.30 |
| 18 | $5,588.54 | $0.00 | $5,588.54 | $760.10 | $4,828.44 | $8,26,972.20 |
| 19 | $5,588.54 | $0.00 | $5,588.54 | $764.54 | $4,824.00 | $8,26,207.66 |
| 20 | $5,588.54 | $0.00 | $5,588.54 | $769.00 | $4,819.54 | $8,25,438.66 |
| 21 | $5,588.54 | $0.00 | $5,588.54 | $773.48 | $4,815.06 | $8,24,665.18 |
| 22 | $5,588.54 | $0.00 | $5,588.54 | $777.99 | $4,810.55 | $8,23,887.19 |
| 23 | $5,588.54 | $0.00 | $5,588.54 | $782.53 | $4,806.01 | $8,23,104.66 |
| 24 | $5,588.54 | $0.00 | $5,588.54 | $787.10 | $4,801.44 | $8,22,317.56 |
| 25 | $5,588.54 | $0.00 | $5,588.54 | $791.69 | $4,796.85 | $8,21,525.87 |
| 26 | $5,588.54 | $0.00 | $5,588.54 | $796.31 | $4,792.23 | $8,20,729.56 |
| 27 | $5,588.54 | $0.00 | $5,588.54 | $800.95 | $4,787.59 | $8,19,928.61 |
| 28 | $5,588.54 | $0.00 | $5,588.54 | $805.62 | $4,782.92 | $8,19,122.99 |
| 29 | $5,588.54 | $0.00 | $5,588.54 | $810.32 | $4,778.22 | $8,18,312.66 |
| 30 | $5,588.54 | $0.00 | $5,588.54 | $815.05 | $4,773.49 | $8,17,497.61 |
| 31 | $5,588.54 | $0.00 | $5,588.54 | $819.80 | $4,768.74 | $8,16,677.81 |
| 32 | $5,588.54 | $0.00 | $5,588.54 | $824.59 | $4,763.95 | $8,15,853.22 |
| 33 | $5,588.54 | $0.00 | $5,588.54 | $829.40 | $4,759.14 | $8,15,023.82 |
| 34 | $5,588.54 | $0.00 | $5,588.54 | $834.24 | $4,754.31 | $8,14,189.59 |
| 35 | $5,588.54 | $0.00 | $5,588.54 | $839.10 | $4,749.44 | $8,13,350.49 |
| 36 | $5,588.54 | $0.00 | $5,588.54 | $844.00 | $4,744.54 | $8,12,506.49 |
Add Answer to:
Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360...
Amortization schedules a. Set up an amortization schedule for a $250,000 mortgage to be repaid in...
Amortization schedules a. Set up an amortization schedule for a $250,000 mortgage to be repaid in equal monthly installments at the end of each month for the next 15 years. The mortgage rate is an APR of 5%. b. How large must each monthly payment be if the loan is for $500,000? Assume that the interest rate remains at 5% and that the loan is paid off over 15 years. c. How large must each monthly payment be if the...
Amortization schedules a. Set up an amortization schedule for a $250,000 mortgage to be repaid in...
Amortization schedules a. Set up an amortization schedule for a $250,000 mortgage to be repaid in equal monthly installments at the end of each month for the next 15 years. The mortgage rate is an APR of 4.5%. b. How large must each monthly payment be if the loan is for $500,000? Assume that the interest rate remains at 4.5% and that the loan is paid off over 15 years. c. How large must each monthly payment be if the...
AMORTIZATION SCHEDULE a. Complete an amortization schedule for a $34,000 loan to be repaid in equal...
AMORTIZATION SCHEDULE a. Complete an amortization schedule for a $34,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 10% compounded annually. Round all answers to the nearest cent. Beginning Repayment Ending Interest ofPrincipal Balance Balance avment Interest Payment b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Round all answers to two decimal places. 96 Interest %...
a. Complete an amortization schedule for a $16,000 loan to be repaid in equal installments at...
a. Complete an amortization schedule for a $16,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. Round all answers to the nearest cent. Beginning Ending Repayment of Principal Year Balance Payment Interest Balance 4 श्री श्री 2 $ श्री 4 श्री 3 $ श्री 4 b. What percentage of the payment represents interest and what percentage represents principal for each of the three years?...
eBook a. Complete an amortization schedule for a $16,000 loan to be repaid in equal installments...
eBook a. Complete an amortization schedule for a $16,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 6% compounded annually. If an amount is zero, enter "O". Do not round intermediate calculations Round your answers to the nearest cent. Beginning Repayment Ending Year nteres nc b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Do not round...
Calculate a 30 year amortization schedule in excel for the purchase of an office building. Here are the details: The bui...
Calculate a 30 year amortization schedule in excel for the purchase of an office building. Here are the details: The building costs $250,000. You are able to obtain a mortgage loan for 90% of the value. You must come up with cash for the remaining 10% The mortgage loan is a fixed rate loan at 6% interest per year using simple interest with a 30/360 formula. Problem 1 - Calculate the monthly payment of the loan. Problem 2 - Prepare...
Given the following partial amortization table for a loan repaid in level payments. Fill in the...
Given the following partial amortization table for a loan repaid in level payments. Fill in the rest of the table (keep adding rows until the loan is paid off) and use it to answer the following questions: (Round the entries in the table off to two decimal places. Give your answers to 2 decimal places but keep 5 decimals for intermediate computations.) Partial Amortization Table Principal Payment Interest Reduction Time Outstanding Balance ? 0 1 ? 4227.441 21072.561 2277.001 ?...
Create the amortization schedule for a loan of $10,500, paid monthly over three years using an...
Create the amortization schedule for a loan of $10,500, paid monthly over three years using an APR of 8 percent. Enter the data for the first three months. (Round your answers to 2 decimal places.) Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 3
Complete the first two months of an amortization schedule for the fixed-rate mortgage Mortgage: Interest rate:...
Complete the first two months of an amortization schedule for the fixed-rate mortgage Mortgage: Interest rate: Term of loan: $117.950 6.25% 13 years Complete the first two payments of the amortization schedule below. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Total Interest Principal Balance of Principal Number Payment Payment Payment
8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal paym...
8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal payments at the end of each of the next three years. The lender charges a 6 percent interest rate on the loan balance that is outstanding at the beginning of each year. 1) Calculate the payment the firm must repay each year. 2) Prepare the loan amortization schedule (fill all the numbers in each cell). Beginning Amount Repayment of Principal...
AMORTIZATION SCHEDULE a. Complete an amortization schedule for a $34,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 10% compounded annually. Round all answers to the nearest cent. Beginning Repayment Ending Interest ofPrincipal Balance Balance avment Interest Payment b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Round all answers to two decimal places. 96 Interest %...
a. Complete an amortization schedule for a $16,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. Round all answers to the nearest cent. Beginning Ending Repayment of Principal Year Balance Payment Interest Balance 4 श्री श्री 2 $ श्री 4 श्री 3 $ श्री 4 b. What percentage of the payment represents interest and what percentage represents principal for each of the three years?...
eBook a. Complete an amortization schedule for a $16,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 6% compounded annually. If an amount is zero, enter "O". Do not round intermediate calculations Round your answers to the nearest cent. Beginning Repayment Ending Year nteres nc b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Do not round...
Given the following partial amortization table for a loan repaid in level payments. Fill in the rest of the table (keep adding rows until the loan is paid off) and use it to answer the following questions: (Round the entries in the table off to two decimal places. Give your answers to 2 decimal places but keep 5 decimals for intermediate computations.) Partial Amortization Table Principal Payment Interest Reduction Time Outstanding Balance ? 0 1 ? 4227.441 21072.561 2277.001 ?...
Complete the first two months of an amortization schedule for the fixed-rate mortgage Mortgage: Interest rate: Term of loan: $117.950 6.25% 13 years Complete the first two payments of the amortization schedule below. (Do not round until the final answer. Then round to the nearest cent as needed.) Payment Total Interest Principal Balance of Principal Number Payment Payment Payment
8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal payments at the end of each of the next three years. The lender charges a 6 percent interest rate on the loan balance that is outstanding at the beginning of each year. 1) Calculate the payment the firm must repay each year. 2) Prepare the loan amortization schedule (fill all the numbers in each cell). Beginning Amount Repayment of Principal...
Most questions answered within 3 hours.
-
The outstanding bonds of Alpha Extracts have a yield to maturity
of 7.4 percent and a...
asked 17 minutes ago -
A 8.15- g bullet from a 9-mm pistol has a velocity of 366.0 m/s.
It strikes...
asked 20 minutes ago -
The Problem: The Case of the Harmonizing Vacations
Your CEO is exploring partnering with a European...
asked 1 hour ago -
A chemical equation is balanced by adding coefficients in front
of some formulas so that the...
asked 1 hour ago -
From the literature (reference your sources): What are the
lattice parameters of calcite and aragonite? Why...
asked 2 hours ago -
Your system is rejecting the question am asking which is
preceded by a case study. It...
asked 2 hours ago -
3. On January 2, 2000, Larry creates a trust with himself as
trustee. Larry as trustee...
asked 2 hours ago -
A member of the volleyball team spikes the ball. During this
process, she changes the velocity...
asked 2 hours ago -
Are adult gamers less likely to use a gaming console (Xbox,
PlayStation, Wii, etc...) than teen...
asked 3 hours ago -
The University of
Texas recently reported that 43% of college students aged 18-24
would spend their...
asked 3 hours ago -
The length of stay at a specific emergency department in
Phoenix, Arizona, in 2009 had a...
asked 2 hours ago -
. Please give the mechanism for this type of problem. Step by
Step
The toxin that...
asked 2 hours ago