Transcribed Image Text
At one point in time when you took out a mortgage, a paper copyof an amortization table was provided to you detailing how much ofeach payment went towards the principal and how much went towardsthe interest as well as showing the remaining amount owed aftereach payment was made. Suppose that you want to purchase a home for$240,000 using a down payment as $91,088 and you finance the restof the purchase by taking out a 15-year mortgage at 4.5% interestcompounded monthly. Construct an amortization table for the entirelength of the loan making sure to include columns for the paymentnumber, the amount of the payment, the amount of each payment thatgoes towards the principal, the amount of each payment that goestowards the interest, and the amount still owed on the loan afterthe particular payment is made (you may want to create othercolumns in addition to these, but whether or not you do will bedependent on your spreadsheet set-up). A couple of tips/hints thatI will offer are that you may want to refer to the last example inthe section 11.6 and the last example in the section 6.3 lecturesfor a little help with getting the equations set up, the amountsthat go towards principal and interest will differ from one paymentto the next, and after the 180th payment has been made you shouldowe $0 on the loan.
Other questions asked by students
At 1 atm, how many moles of CO2 are released by raising the temperature of 1...
Have you heard about Software Defined Networking (SDN)? If not, please do some research and find...
Solve each of the following equations by finding an integrating factor: x dy + y dx +...
Evaluate the function f x x 6x for the given value of x Simplify your...
A mobile phone company determined with 95% confidence that the a teenager with a mobile...
point s possible According to a study conducted by a statistical organization the proportion of...
Baab Corporation is a manufacturing firm that uses job-order costing. The...
8-b. Prepare the classified balance sheet for the year ended December 31, 2024. Journal entry...