Using your mortgage schedule spreadsheet, enter the following data: Cost of Home: $225,000 Down Payment: $15,000...

Using your mortgage schedule spreadsheet, enter the following data: Cost of Home: $225,000 Down Payment: $15,000 Annual Interest Rate: 6.960% Number of Years: 25 In addition, enter $400 as an additional principal payment for month 36 and $100 as an additional principal payment for month 75. Copy the monthly closing balance from month 52 into this question's response box AFTER you ensure that it is formatted using accounting formatting and 2 decimal places.

Solutions

Expert Solution

Number of period (nper)=25*12=300, Loan Amount=225000-15000=210000, rate=6.96%/12= 0.58%

Below is the amortization schedule with the extra payment:

Loan will be repaid in 299 month instead of 300 month.

jeff jeffy answered 1 month ago

Next > < Previous

Related Solutions

Cost of Home: $225,000 Down Payment: $15,000 Annual Interest Rate: 6.960% Number of Years: 25 In...

Cost of Home: $225,000 Down Payment: $15,000 Annual Interest Rate: 6.960% Number of Years: 25 In addition, enter $400 as an additional principal payment for month 36 and $100 as an additional principal payment for month 75. what is the monthly closing balance from month 52

Create an Amortization Schedule for a home that cost $259,000 with 20% down for a down-payment....

Create an Amortization Schedule for a home that cost $259,000 with 20% down for a down-payment. Do not use an online amortization schedule. Note the textbook amortization schedule is using an annual payment. Please complete a schedule for both 180 months (15 years) and 360 months (30 years). The interest rate for the year is 2.75% according to Bankrate for the area the home is in. Remember to divide your interest by 12 to get a monthly rate. How much...

Consider a home mortgage problem. The house in question will cost $200,000. The down payment is...

Consider a home mortgage problem. The house in question will cost $200,000. The down payment is 20%, or $40,000, which means the loan will be for $160,000. The loan will be a 15-year loan. The annual interest rate (APR) is 3.5%. Payments to the bank are monthly. Address the following: Compute the monthly loan payment Construct a loan amortization schedule for the life of the loan In addition to the monthly loan payments, it is estimated that the following outflows...

Amortize a 30-year mortgage for a $200,000 house cost with a 20% down payment. The mortgage...

Amortize a 30-year mortgage for a $200,000 house cost with a 20% down payment. The mortgage interest rate is 4.125%. How much is the monthly payment? How much will the borrower pay in total interest?

Mortgage Payable The following amortization schedule can be used for the January, 20x3 mortgage payment on...

Mortgage Payable The following amortization schedule can be used for the January, 20x3 mortgage payment on the 7.0%, 30- year mortgage. Month Payment Interest Principal Balance January $3,500 $1,867 $1,633 $320,000 $318,367 Jan 31 The monthly payment for January of the mortgage payable was made. Required: What is the correct journal entry for this transaction and why?

How much of the third mortgage payment will go to pay down the principle? Home Price:...

How much of the third mortgage payment will go to pay down the principle? Home Price: $339,000 USD 15% down payment of selling price 25 year term loan with a 3% annual interest rate

A house cost 79,000 with 6,900 down payment. If the mortgage rate was 15% instead of...

A house cost 79,000 with 6,900 down payment. If the mortgage rate was 15% instead of 14.5% for 30 years, what is the difference in the monthly payment?

Suppose that you want to purchase a home for $220,000 using a down payment as described...

Suppose that you want to purchase a home for $220,000 using a down payment as described below and you finance the rest of the purchase by taking out a 15-year mortgage at 4.5% interest compounded monthly. The amount of the down payment is $56,083. Construct an amortization table for the entire length of the loan making sure to include columns for the payment number, the amount of the payment, the amount of each payment that goes towards the principal, the amount...

You have your Good Faith Estimate and after your down payment and your fees, your mortgage...

You have your Good Faith Estimate and after your down payment and your fees, your mortgage balance is $175,000. You are approved for a 30 year loan at a 4% rate. Your mortgage provider says your escrow balance will be $150 a month and you do not need PMI. What is your monthly mortgage payment?

Solve Using excel spreadsheet: A young couple take out a 30-year home mortgage of $134,000.00 at...

Solve Using excel spreadsheet: A young couple take out a 30-year home mortgage of $134,000.00 at 8.7% compounded monthly. They make their regular monthly payment for 5 years, then decide to up their monthly payment to $1,250.00. A. What is the regular monthly payment? Correct answer: $1049.40 B. What is the unpaid balance when they begin paying the accelerated monthly payment of $1,250.00? C. How many monthly payment of $1,250.00 will it take to pay off the loan? D. How...

Subjects