Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below): 1. What is your monthly payment? Correct Answers 2. What is the total $ amount of payments made over the life of the loan 3. How many months will it take to pay off the loan if you pay an extra $530.82 per month? Note: Enter the month when the whole principal is paid off. Also, remember to show the amortization table for the original payment before you submit. Payment No. Beginning Balance Interest Paid Principle Paid Ending Balance Loan Input Data Principal Amount Annual Interest Rate Periods Per Year Total Number of Payments Percentage Rate Per Period Extra Payment per month Amount Grade Mortgage $920,000.00 7.40% 12 360 $530.82 1 2 3 4 5 6 7 8 9 10 Enter Answers Here. Payment Amount
Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below): 1. What is your monthly payment? Correct Answers 2. What is the total $ amount of payments made over the life of the loan 3. How many months will it take to pay off the loan if you pay an extra $530.82 per month? Note: Enter the month when the whole principal is paid off. Also, remember to show the amortization table for the original payment before you submit. Payment No. Beginning Balance Interest Paid Principle Paid Ending Balance Loan Input Data Principal Amount Annual Interest Rate Periods Per Year Total Number of Payments Percentage Rate Per Period Extra Payment per month Amount Grade Mortgage $920,000.00 7.40% 12 360 $530.82 1 2 3 4 5 6 7 8 9 10 Enter Answers Here. Payment Amount
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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if you can do 10 or so entries instead of 360 months, i think that would be enough for me to understand how you get the answer. Thanks
Transcribed Image Text:Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below):
Correct Answers
1. What is your monthly payment?
2. What is the total $ amount of payments made over the life of the loan
3. How many months will it take to pay off the loan if you pay an extra $530.82 per month?
Note: Enter the month when the whole principal is paid off. Also, remember to show the amortization
Beginning Balance
Loan Input Data
Principal Amount
Annual Interest Rate
Periods Per Year
Total Number of Payments
Percentage Rate Per Period
Extra Payment per month
Amount
Grade Mortgage
$920,000.00
7.40%
12
360
$530.82
Payment
No.
1
2
3
4
5
6
7
8
9
10
Payment
Amount
Enter Answers Here.
table for the original payment before you submit.
Interest Paid Principle Paid Ending Balance
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