Question

We suggest the use of a spreadsheet to create the amortization tables.

You take out a 30-year mortgage for $70,000 at 9.65%, to be paid off monthly. Construct an amortization table showing how much you will pay in interest each year for the first 15 years and how much goes toward paying off the principal. If you sell your house after 15 years, how much will you still owe on the mortgage according to the amortization table? HINT [See Example 8.] (Round your answer to the nearest cent.)

$

Answer 1

UNABLE TO UPLOAD ENTIRE AMORTIZATION SCHEDULE AS ANSWER HAS CHARACTER LIMIT OF 65000 CHARS

PmtNo.	Payment Date	Beginning Balance	Scheduled Payment	Extra Payment	Total Payment	Principal	Interest	Ending Balance	Cumulative Interest
1	15 03 20	$       70,000.00	$         596.27	$             -	$          596.27	$           33.36	$         562.92	$    69,966.64	$        562.92
2	15 04 20	69,966.64	596.27	-	596.27	33.63	562.65	69,933.02	1,125.57
3	15 05 20	69,933.02	596.27	-	596.27	33.90	562.38	69,899.12	1,687.94
4	15 06 20	69,899.12	596.27	-	596.27	34.17	562.11	69,864.95	2,250.05
5	15 07 20	69,864.95	596.27	-	596.27	34.44	561.83	69,830.51	2,811.88

175	15 09 34	57,433.24	596.27	-	596.27	134.42	461.86	57,298.83	91,646.78
176	15 10 34	57,298.83	596.27	-	596.27	135.50	460.78	57,163.33	92,107.56
177	15 11 34	57,163.33	596.27	-	596.27	136.59	459.69	57,026.74	92,567.25
178	15 12 34	57,026.74	596.27	-	596.27	137.68	458.59	56,889.06	93,025.84
179	15 01 35	56,889.06	596.27	-	596.27	138.79	457.48	56,750.27	93,483.32
180	15 02 35	56,750.27	596.27	-	596.27	139.91	456.37	56,610.36	93,939.69

After 15 years is the amount owed

Based on this table, if we sell our house after 15 years, amount owed is dollars