9.) Find the first month of the amortization schedule for a fixed-rate mortgage if the loan amount is $300,000 with an interest rate of 6.0% on a 20-year loan. Annual rate, r (b) Interest payment: 10 (d) Balance of principal Terms of Mortgage (in years), t 15 20 $ 6.43509 $ 6.66789 $ 6.90582 2.0% 5 17.52776 2.5% $ 17.74736 3.0% $17.96869 3.5% $ 18.19174 4.0% $ 18.41652 4.5% $18.64302 5.0% $18.87123 5.5% $ 19.10116 6.0% $ 19.33280 6.5% $19.56615 7.0% $ 19.80120 7.5% $ 20.03795 8.0% $ 20.27639 8.5% $ 20.51653 9.0% $ 20.75836 $9.20135 $ 9.42699 $ 9.65607 $ 9.88859 $10.12451 $10.36384 $10.60655 $10.85263 $11.10205 $11.35480 $11.61085 $11.87018 $12.13276 $12.39857 $12.66758 $ 7.14883 $ 7.39688 $ 7.64993 $7.90794 $ 8.17083 $ 8.43857 $ 8.71107 $ 8.98828 $ 9.27012 $ 9.55652 $9.84740 $10.14267 (a) Total payment: (use the table above or the payment formula) 25 $5.05883 $4.23854 $5.29903 $4.48617 $4.74211 $5.00624 $5.27837 $ 5.54598 $ 5.79960 $ 6.05980 $6.32649 $ 6.59956 $6.87887 $ 7.16431 $ 7.45573 $ 7.75299 $ 8.05593 $ 8.36440 $ 8.67823 $ 8.99726 30 (c) Principal payment $5.55832 $5.84590 55.36822 $6.14087 $5.67789 $6.44301 $5.99551 $6.75207 $6.32068 $7.06779 56.65302 $7.38991 $6.99215 $7.71816 $7.33765 $8.05227 $7.68913 $8.39196 58.04623 $3.69619 $3.02826 $3.95121 $3.29778 $4.21604 $3.57984 $4.49045 $3.87391 $4.77415 $4.17938 40 $5.06685 $4.49563 $4.82197 $5.15770 $5.50214 $5.85457 56.21431 $6.58071 $6.95312 $7.33094 $7.71361 (e) If the borrower pays an additional $10,000 in principal in the first month, how much interest will he/she/they pay in the second month? (This is on top of the scheduled payment you found in part c.) (Hint!! This will change the balance of principal.)
9.) Find the first month of the amortization schedule for a fixed-rate mortgage if the loan amount is $300,000 with an interest rate of 6.0% on a 20-year loan. Annual rate, r (b) Interest payment: 10 (d) Balance of principal Terms of Mortgage (in years), t 15 20 $ 6.43509 $ 6.66789 $ 6.90582 2.0% 5 17.52776 2.5% $ 17.74736 3.0% $17.96869 3.5% $ 18.19174 4.0% $ 18.41652 4.5% $18.64302 5.0% $18.87123 5.5% $ 19.10116 6.0% $ 19.33280 6.5% $19.56615 7.0% $ 19.80120 7.5% $ 20.03795 8.0% $ 20.27639 8.5% $ 20.51653 9.0% $ 20.75836 $9.20135 $ 9.42699 $ 9.65607 $ 9.88859 $10.12451 $10.36384 $10.60655 $10.85263 $11.10205 $11.35480 $11.61085 $11.87018 $12.13276 $12.39857 $12.66758 $ 7.14883 $ 7.39688 $ 7.64993 $7.90794 $ 8.17083 $ 8.43857 $ 8.71107 $ 8.98828 $ 9.27012 $ 9.55652 $9.84740 $10.14267 (a) Total payment: (use the table above or the payment formula) 25 $5.05883 $4.23854 $5.29903 $4.48617 $4.74211 $5.00624 $5.27837 $ 5.54598 $ 5.79960 $ 6.05980 $6.32649 $ 6.59956 $6.87887 $ 7.16431 $ 7.45573 $ 7.75299 $ 8.05593 $ 8.36440 $ 8.67823 $ 8.99726 30 (c) Principal payment $5.55832 $5.84590 55.36822 $6.14087 $5.67789 $6.44301 $5.99551 $6.75207 $6.32068 $7.06779 56.65302 $7.38991 $6.99215 $7.71816 $7.33765 $8.05227 $7.68913 $8.39196 58.04623 $3.69619 $3.02826 $3.95121 $3.29778 $4.21604 $3.57984 $4.49045 $3.87391 $4.77415 $4.17938 40 $5.06685 $4.49563 $4.82197 $5.15770 $5.50214 $5.85457 56.21431 $6.58071 $6.95312 $7.33094 $7.71361 (e) If the borrower pays an additional $10,000 in principal in the first month, how much interest will he/she/they pay in the second month? (This is on top of the scheduled payment you found in part c.) (Hint!! This will change the balance of principal.)
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 12P
Related questions
Question
![9.) Find the first month of the amortization schedule for a fixed-rate mortgage if the
loan amount is $300,000 with an interest rate of 6.0% on a 20-year loan.
Annual rate, r
(b) Interest payment:
5
(d) Balance of principal
10
2.0% $17.52776 $9.20135
2.5%
$ 17.74736 $9.42699
3.0% $17.96869 $ 9.65607
3.5% $ 18.19174 $ 9.88859
4.0% $18.41652 $10.12451
4.5% $18.64302 $10.36384
5.0% $18.87123 $10.60655
5.5% $ 19.10116 $10.85263
6.0% $19.33280 $11.10205
6.5% $19.56615 $11.35480
7.0% $19.80120 $11.61085
7.5% $ 20.03795
$11.87018
8.0% $ 20.27639 $12.13276
8.5% $ 20.51653 $12.39857
9.0% $ 20.75836 $12.66758 $10.14267
(a) Total payment: (use the table above or the payment formula)
Terms of Mortgage (in years), t
15
20
$ 6.43509
$ 6.66789
$ 6.90582
$7.14883
$ 7.39688
$ 7.64993
$ 7.90794
$ 8.17083
$ 8.43857
$ 8.71107
$ 8.98828
$ 9.27012
$ 9.55652
$ 9.84740
$ 5.05883
$5.29903
$ 5.54598
$ 5.79960
$ 6.05980
$ 6.32649
$ 6.59956
$ 6.87887
$ 7.16431
$ 7.45573
$ 7.75299
$ 8.05593
$ 8.36440
$ 8.67823
$ 8.99726
25
$4.23854
$4.48617
30
(c) Principal payment
$4.74211 $4.21604
$4.49045
$5.00624
$5.27837
$5.55832
$4.77415
$5.06685
$5.84590 $5.36822
$6.14087 $5.67789
$5.99551
$6.44301
$6.75207
$7.06779
$6.32068
$6.65302
$7.38991
$6.99215
$7.71816
$7.33765
$8.05227 $7.68913
$8.39196
$8.04623
$3.69619 $3.02826
$3.95121 $3.29778
$3.57984
(e) If the borrower pays an additional $10,000 in principal in the first month, how
much interest will he/she/they pay in the second month? (This is on top of the
scheduled payment you found in part c.) (Hint!! This will change the balance of
principal.)
40
$3.87391
$4.17938
$4,49563
$4.82197
$5.15770
$5.50214
$5.85457
$6.21431
$6.58071
$6.95312
$7.33094
$7.71361
10](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6e270ba9-1acf-40fc-9110-d07c8a11bf40%2F648fb4c5-d37a-404c-984a-b97c0e3456ad%2Fpbrm38g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:9.) Find the first month of the amortization schedule for a fixed-rate mortgage if the
loan amount is $300,000 with an interest rate of 6.0% on a 20-year loan.
Annual rate, r
(b) Interest payment:
5
(d) Balance of principal
10
2.0% $17.52776 $9.20135
2.5%
$ 17.74736 $9.42699
3.0% $17.96869 $ 9.65607
3.5% $ 18.19174 $ 9.88859
4.0% $18.41652 $10.12451
4.5% $18.64302 $10.36384
5.0% $18.87123 $10.60655
5.5% $ 19.10116 $10.85263
6.0% $19.33280 $11.10205
6.5% $19.56615 $11.35480
7.0% $19.80120 $11.61085
7.5% $ 20.03795
$11.87018
8.0% $ 20.27639 $12.13276
8.5% $ 20.51653 $12.39857
9.0% $ 20.75836 $12.66758 $10.14267
(a) Total payment: (use the table above or the payment formula)
Terms of Mortgage (in years), t
15
20
$ 6.43509
$ 6.66789
$ 6.90582
$7.14883
$ 7.39688
$ 7.64993
$ 7.90794
$ 8.17083
$ 8.43857
$ 8.71107
$ 8.98828
$ 9.27012
$ 9.55652
$ 9.84740
$ 5.05883
$5.29903
$ 5.54598
$ 5.79960
$ 6.05980
$ 6.32649
$ 6.59956
$ 6.87887
$ 7.16431
$ 7.45573
$ 7.75299
$ 8.05593
$ 8.36440
$ 8.67823
$ 8.99726
25
$4.23854
$4.48617
30
(c) Principal payment
$4.74211 $4.21604
$4.49045
$5.00624
$5.27837
$5.55832
$4.77415
$5.06685
$5.84590 $5.36822
$6.14087 $5.67789
$5.99551
$6.44301
$6.75207
$7.06779
$6.32068
$6.65302
$7.38991
$6.99215
$7.71816
$7.33765
$8.05227 $7.68913
$8.39196
$8.04623
$3.69619 $3.02826
$3.95121 $3.29778
$3.57984
(e) If the borrower pays an additional $10,000 in principal in the first month, how
much interest will he/she/they pay in the second month? (This is on top of the
scheduled payment you found in part c.) (Hint!! This will change the balance of
principal.)
40
$3.87391
$4.17938
$4,49563
$4.82197
$5.15770
$5.50214
$5.85457
$6.21431
$6.58071
$6.95312
$7.33094
$7.71361
10
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