SHOW YOUR WORK not only the solutions, on worksheet tab in Excel file A fully amortizing...

SHOW YOUR WORK not only the solutions, on worksheet tab in Excel file

A fully amortizing mortgage loan is made for $80,000 at 6 percent interest for 25 years. Payments are to be made monthly.

Calculate:

a. Monthly payments.

b. Interest and principal payments during month 1.

c. Total principal and total interest paid over 25 years.

d. The outstanding loan balance if the loan is repaid at the end of year 10.

e. Total monthly interest and principal payments through year 10.

f. What would the breakdown of interest and principal be during month 50?

Solutions

Expert Solution


	Mortgage amount	80000
	Mortgage term(in months)	300
	Interest rate per year	6%
a)	Monthly payments	$515.44	PMT(C5/12,300,-80000,0)
b)	Interest per month	$400.00	PMT(C5,300,-C3,0)/12
	Principal per month	$115.44
c)	Total principal paid	80,000.00
	Total interest paid	74,632.74
d)	Total loan outstanding	61081.58
e)	Total monthly interest	$42,934.52
	Total monthly principal	$18,918.39
f)	Interest during month 50	$368.04
	Principal during month 50	$147.40

jeff jeffy answered 1 year ago

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