# Problem 11: Mortgage Schedule Construction Construct a partial mortgage schedule for Problem 9, showing the first two payments, last two payments, total payments made, and interest paid (assume that the rounded payments from part (a) were made). --- ## Problem 9 Context Henry received a mortgage of $80,000 that was amortized over three years and fixed at an interest rate of 2.7%, compounded semi-annually. ### Part (a) **Question**: What was the size of the monthly payments if they were rounded up to the next $500? **Answer**: $2,500.00 ### Part (b) **Question**: What was the size of the final payment (if the rounded payment from part (a) were made)? **Answer**: $661.84 --- ### Graphs and Diagrams There are no graphs or diagrams to explain in this problem. This text would serve as instructional content for a lesson on mortgage calculations, particularly involving partial schedules, rounded payments, and final payment adjustment.
# Problem 11: Mortgage Schedule Construction Construct a partial mortgage schedule for Problem 9, showing the first two payments, last two payments, total payments made, and interest paid (assume that the rounded payments from part (a) were made). --- ## Problem 9 Context Henry received a mortgage of $80,000 that was amortized over three years and fixed at an interest rate of 2.7%, compounded semi-annually. ### Part (a) **Question**: What was the size of the monthly payments if they were rounded up to the next $500? **Answer**: $2,500.00 ### Part (b) **Question**: What was the size of the final payment (if the rounded payment from part (a) were made)? **Answer**: $661.84 --- ### Graphs and Diagrams There are no graphs or diagrams to explain in this problem. This text would serve as instructional content for a lesson on mortgage calculations, particularly involving partial schedules, rounded payments, and final payment adjustment.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:# Problem 11: Mortgage Schedule Construction
Construct a partial mortgage schedule for Problem 9, showing the first two payments, last two payments, total payments made, and interest paid (assume that the rounded payments from part (a) were made).
---
## Problem 9 Context
Henry received a mortgage of $80,000 that was amortized over three years and fixed at an interest rate of 2.7%, compounded semi-annually.
### Part (a)
**Question**: What was the size of the monthly payments if they were rounded up to the next $500?
**Answer**: $2,500.00
### Part (b)
**Question**: What was the size of the final payment (if the rounded payment from part (a) were made)?
**Answer**: $661.84
---
### Graphs and Diagrams
There are no graphs or diagrams to explain in this problem.
This text would serve as instructional content for a lesson on mortgage calculations, particularly involving partial schedules, rounded payments, and final payment adjustment.
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