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  3. you take out a $480,000 mortgage for 30 years at 5

You take out a $480,000 mortgage for 30 years at 5.5% interest compounded monthly. Create an...

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Advance Math

  1. You take out a $480,000 mortgage for 30 years at 5.5% interestcompounded monthly. Create an amortization schedule below for thefirst 3 periods of payment.

Period

Payment

Interest

Balance

Unpaid Balance

$480,000

1

2

3

  1. How much do you pay in total for the loan?

  1. How much of this goes toward interest?

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