Complete the first month of the amortization schedule for a fixed-rate mortgage. Mortgage: $114,000 Interest rate: 9.0% Term of loan: 15 years Click the icon to view the Real Estate Amortization Table. Payment Number 1 Amortization Schedule Total Payment Interest Payment Principal Payment Balance of Principal (a) $ (b) $ (d) $ (b) $
Complete the first month of the amortization schedule for a fixed-rate mortgage. Mortgage: $114,000 Interest rate: 9.0% Term of loan: 15 years Click the icon to view the Real Estate Amortization Table. Payment Number 1 Amortization Schedule Total Payment Interest Payment Principal Payment Balance of Principal (a) $ (b) $ (d) $ (b) $
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:Real Estate Amortization Table
Annual
rate
(r)
2.0%
2.5%
3.0%
3.5%
.0%
4.5%
5.0%
5.5%
6.0%
4
5
$17.52776
17.74736
17.96869
18.19174
18.41652
18.64302
18.87123
19.10116
19.33280
10
$9.20135
9.42699
9.65607
9.88859
10.12451
10.36384
10.60655
10.85263
11.10205
15
Term of Mortgage (years)
$6.43509
6.66789
6.90582
7.14883
7.39688
7.64993
7.90794
8.17083
8.43857
20
$5.05883
5.29903
5.54598
5.79960
6.05980
6.32649
6.59956
6.87887
7.16431
25
$4.23854
4.48617
4.74211
5.00624
5.27837
5.55832
5.84590
6.14087
6.44301
30
$3.69619
3.95121
4.21604
4.49045
4.77415
5.06685
5.36822
5.67789
5.99551
40
$3.02826
3.29778
3.57984
3.87391
4.17938
4.49563
4.82197
5.15770
5.50214
I
Transcribed Image Text:Complete the first month of the amortization schedule for a fixed-rate mortgage.
Mortgage: $114,000
Interest rate: 9.0%
Term of loan: 15 years
Click the icon to view the Real Estate Amortization Table.
Payment
Number
1
Amortization Schedule
Total Payment Interest Payment Principal Payment Balance of Principal
(b) $
(d) $
(a) $
(b) $
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