You are financing a new home. The loan is for $281,000 and you are getting rate of 3.9% per year compounded monthly. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To get the ball rollng, you are working extra hours and expect to pay an extra $550 per month to knock down the principle. You make these EXTRA payments for 5 years starting on month 1. The last EXTRA payment is on month 60. Build the amortization table. What month will you make your last payment? How much will the last payment be? I need the solution in excel sheet
You are financing a new home. The loan is for $281,000 and you are getting rate of 3.9% per year compounded monthly. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To get the ball rollng, you are working extra hours and expect to pay an extra $550 per month to knock down the principle. You make these EXTRA payments for 5 years starting on month 1. The last EXTRA payment is on month 60. Build the amortization table. What month will you make your last payment? How much will the last payment be? I need the solution in excel sheet
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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You are financing a new home. The loan is for $281,000 and you are getting rate of 3.9% per year compounded monthly. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To get the ball rollng, you are working extra hours and expect to pay an extra $550 per month to knock down the principle. You make these EXTRA payments for 5 years starting on month 1. The last EXTRA payment is on month 60. Build the amortization table. What month will you make your last payment? How much will the last payment be? I need the solution in excel sheet
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