Please solve via excel and show calculation steps to solve table. Scenario: You have decided to finance a new home. The loan is for $248,000 and you are getting a rate of 5.9% per year compounded monthly. You have decided on a 15-year mortgage and will make monthly payments (end of the month). You decided you will pay 5% down at the beginning. You are working extra hours and expect to pay an extra $350 per month to knock down the principle. You make these payments for 6 years starting on month 25. The last EXTRA payment is on month 96. Build the amortization table. What month will you make your last payment? How much will your last payment be?
Please solve via excel and show calculation steps to solve table. Scenario: You have decided to finance a new home. The loan is for $248,000 and you are getting a rate of 5.9% per year compounded monthly. You have decided on a 15-year mortgage and will make monthly payments (end of the month). You decided you will pay 5% down at the beginning. You are working extra hours and expect to pay an extra $350 per month to knock down the principle. You make these payments for 6 years starting on month 25. The last EXTRA payment is on month 96. Build the amortization table. What month will you make your last payment? How much will your last payment be?
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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Please solve via excel and show calculation steps to solve table.
Scenario: You have decided to finance a new home. The loan is for $248,000 and you are getting a rate of 5.9% per year compounded monthly. You have decided on a 15-year mortgage and will make monthly payments (end of the month). You decided you will pay 5% down at the beginning. You are working extra hours and expect to pay an extra $350 per month to knock down the principle. You make these payments for 6 years starting on month 25. The last EXTRA payment is on month 96.
Build the amortization table.
What month will you make your last payment?
How much will your last payment be?
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