This amortization table shows the first 3payments and the last 3 payments on amortgage.Payment Monthly Interest PrincipalOutstandingnumber payment paidpaidbalance$120000.00$119746.95$119492.58$119236.90$1735.38$869.43$1.011$874.94$621.89 $253.052$874.94$620.58 $254.363$874.94$619.26 $255.68$874.94 $13.46 $861.48$874.94$874.94238$8.99 $865.95$4.51 $870.43239240What is the total interest paid over the life ofthe mortgage?

In EMI Payment, Interest is charged on the outstanding loan amount.

Answered: This amortization table shows the first…

This amortization table shows the first 3 payments and the last 3 payments on a mortgage. Payment Monthly Interest PrincipalOutstanding number payment paid paid balance $120 000.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

This amortization table shows the first 3
payments and the last 3 payments on a
mortgage.
Payment Monthly Interest PrincipalOutstanding
number payment paid
paid
balance
$120
000.00
$119
746.95
$119
492.58
$119
236.90
$1735.38
$869.43
$1.01
1
$874.94$621.89 $253.05
2
$874.94$620.58 $254.36
3
$874.94$619.26 $255.68
$874.94 $13.46 $861.48
$874.94
$874.94
238
$8.99 $865.95
$4.51 $870.43
239
240
What is the total interest paid over the life of
the mortgage?

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