Question

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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 of each payment that goes towards the interest, the amount still owed on the loan after the particular payment is.

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Expert Solution

Total Loan Amount will be $ 1,63,917 Interest Will Be 61791 for 15 Years @ 4.5% whend paid with equal Monthly Instalments. The Answer Box is not excepting 180 rows of the amortisation schedule hence partial schedule is enclosed here under and remained are attached as jpeg format

Home Value                      220,000 Loan Duration 15 Years (180 Months)
Down Payment                        56,083 Rate of Interest 4.50%
Loan Amount                      163,917 
Month    Monthly      Rate of            Pricipal           Monthly Clo 
        Op. Balance  Interest  Interest  Repaid      EMI     Balance 
M-1      163,917        4.50%    615     639     1,254   163,278 
M-2      163,278        4.50%    612     642     1,254   162,636 
M-3      162,636        4.50%    610     644     1,254   161,992 
M-4      161,992        4.50%    607     647     1,254   161,345 
M-5      161,345        4.50%    605     649     1,254   160,696
M-6      160,696        4.50%    603     651     1,254   160,045 
M-7      160,045        4.50%    600     654     1,254   159,391
M-8      159,391        4.50%    598     656     1,254   158,735 
M-9      158,735        4.50%    595     659     1,254   158,076 
M-10     158,076        4.50%    593     661     1,254   157,415 
M-11     157,415        4.50%    590     664     1,254   156,751 
M-12     156,751        4.50%    588     666     1,254   156,085 
M-13     156,085        4.50%    585     669     1,254   155,416 
M-14     155,416        4.50%    583     671     1,254   154,745 
M-15     154,745        4.50%    580     674     1,254   154,071 
M-16     154,071        4.50%    578     676     1,254   153,395 
M-17     153,395        4.50%    575     679     1,254   152,716
M-18     152,716        4.50%    573     681     1,254   152,035 
M-19     152,035        4.50%    570     684     1,254   151,351 
M-20     151,351        4.50%    568     686     1,254   150,665 
M-21     150,665        4.50%    565     689     1,254   149,976 
M-22     149,976        4.50%    562     692     1,254   149,284 
M-23     149,284        4.50%    560     694     1,254   148,590 
M-24     148,590        4.50%    557     697     1,254   147,893 
M-25     147,893        4.50%    555     699     1,254   147,194 
M-26     147,194        4.50%    552     702     1,254   146,492 
M-27     146,492        4.50%    549     705     1,254   145,787 
M-28     145,787        4.50%    547     707     1,254   145,080
M-29     145,080        4.50%    544     710     1,254   144,370
M-30     144,370        4.50%    541     713     1,254   143,657
M-31     143,657        4.50%    539     715     1,254   142,942
M-32     142,942        4.50%    536     718     1,254   142,224
M-33     142,224        4.50%    533     721     1,254   141,503 
M-34     141,503        4.50%    531     723     1,254   140,780
M-35     140,780        4.50%    528     726     1,254   140,054
M-36     140,054        4.50%    525     729     1,254   139,325
M-37     139,325        4.50%    522     732     1,254   138,594 
M-38     138,594        4.50%    520     734     1,254   137,859
M-39     137,859        4.50%    517     737     1,254   137,122
M-40     137,122        4.50%    514     740     1,254   136,383 
M-41     136,383        4.50%    511     743     1,254   135,640
M-42     135,640        4.50%    509     745     1,254   134,895 
M-43     134,895        4.50%    506     748     1,254   134,147
M-44     134,147        4.50%    503     751     1,254   133,396
M-45     133,396        4.50%    500     754     1,254   132,642
M-46     132,642        4.50%    497     757     1,254   131,885 
M-47     131,885        4.50%    495     759     1,254   131,126 
M-48     131,126        4.50%    492     762     1,254   130,363
M-49     130,363        4.50%    489     765     1,254   129,598 
M-50     129,598        4.50%    486     768     1,254   128,830 
M-51     128,830        4.50%    483     771     1,254   128,059 
M-52     128,059        4.50%    480     774     1,254   127,286 
M-53     127,286        4.50%    477     777     1,254   126,509 
M-54     126,509        4.50%    474     780     1,254   125,729 
M-55     125,729        4.50%    471     783     1,254   124,947 
M-56     124,947        4.50%    469     785     1,254   124,161 
M-57     124,161        4.50%    466     788     1,254   123,373 
M-58     123,373        4.50%    463     791     1,254   122,582 
M-59     122,582        4.50%    460     794     1,254   121,787 
M-60     121,787        4.50%    457     797     1,254   120,990 
M-61     120,990        4.50%    454     800     1,254   120,190 
M-62     120,190        4.50%    451     803     1,254   119,387 
M-63     119,387        4.50%    448     806     1,254   118,580 
M-64     118,580        4.50%    445     809     1,254   117,771 
M-65     117,771        4.50%    442     812     1,254   116,959 
M-66     116,959        4.50%    439     815     1,254   116,143 
M-67     116,143        4.50%    436     818     1,254   115,325 
M-68     115,325        4.50%    432     822     1,254   114,503 
M-69     114,503        4.50%    429     825     1,254   113,679 
M-70     113,679        4.50%    426     828     1,254   112,851 
M-71     112,851        4.50%    423     831     1,254   112,020 
M-72     112,020        4.50%    420     834     1,254   111,186 
M-73     111,186        4.50%    417     837     1,254   110,349 
M-74     110,349        4.50%    414     840     1,254   109,509 
M-75     109,509        4.50%    411     843     1,254   108,665 
M-76     108,665        4.50%    407     847     1,254   107,819 
M-77     107,819        4.50%    404     850     1,254   106,969 
M-78     106,969        4.50%    401     853     1,254   106,116 
M-79     106,116        4.50%    398     856     1,254   105,260 
M-80     105,260        4.50%    395     859     1,254   104,401 
M-81     104,401        4.50%    392     862     1,254   103,539 
M-82     103,539        4.50%    388     866     1,254   102,673 
M-83     102,673        4.50%    385     869     1,254   101,804 
M-84     101,804        4.50%    382     872     1,254   100,932 
M-85     100,932        4.50%    378     876     1,254   100,056 
M-86     100,056        4.50%    375     879     1,254   99,177 
M-87     99,177         4.50%    372     882     1,254   98,295 
M-88     98,295         4.50%    369     885     1,254   97,410 
M-89     97,410         4.50%    365     889     1,254   96,521 
M-90     96,521         4.50%    362     892     1,254   95,629 
M-91     95,629         4.50%    359     895     1,254   94,734 
M-92     94,734         4.50%    355     899     1,254   93,835 
M-93     93,835         4.50%    352     902     1,254   92,933 
M-94     92,933         4.50%    348     906     1,254   92,027 
M-95     92,027         4.50%    345     909     1,254   91,118 
M-96     91,118         4.50%    342     912     1,254   90,206 
M-97     90,206         4.50%    338     916     1,254   89,290 
M-98     89,290         4.50%    335     919     1,254   88,371 
M-99     88,371         4.50%    331     923     1,254   87,449 
M-100    87,449         4.50%    328     926     1,254   86,523 
M-101    86,523         4.50%    324     930     1,254   85,593 
M-102    85,593         4.50%    321     933     1,254   84,660 
M-103    84,660         4.50%    317     937     1,254   83,724 
M-104    83,724         4.50%    314     940     1,254   82,783 
M-105    82,783         4.50%    310     944     1,254   81,840 
M-106    81,840         4.50%    307     947     1,254   80,893 
M-107    80,893         4.50%    303     951     1,254   79,942 
M-108    79,942         4.50%    300     954     1,254   78,988 
M-109    78,988         4.50%    296     958     1,254   78,030 
M-110    78,030         4.50%    293     961     1,254   77,069 
M-111    77,069         4.50%    289     965     1,254   76,104 
M-112    76,104         4.50%    285     969     1,254   75,135 
M-113    75,135         4.50%    282     972     1,254   74,163 
M-114    74,163         4.50%    278     976     1,254   73,187 
M-115    73,187         4.50%    274     980     1,254   72,207 
M-116    72,207         4.50%    271     983     1,254   71,224 
M-117    71,224         4.50%    267     987     1,254   70,237 
M-118    70,237         4.50%    263     991     1,254   69,247 
M-119    69,247         4.50%    260     994     1,254   68,252 
M-120    68,252         4.50%    256     998     1,254   67,254 
M-121    67,254         4.50%    252     1,002   1,254   66,253 
M-122    66,253         4.50%    248     1,006   1,254   65,247 
M-123    65,247         4.50%    245     1,009   1,254   64,238 
M-124    64,238         4.50%    241     1,013   1,254   63,225 
M-125    63,225         4.50%    237     1,017   1,254   62,208 
M-126    62,208         4.50%    233     1,021   1,254   61,187 
M-127    61,187         4.50%    229     1,025   1,254   60,162 
M-128    60,162         4.50%    226     1,028   1,254   59,134 
M-129    59,134         4.50%    222     1,032   1,254   58,102 
M-130    58,102         4.50%    218     1,036   1,254   57,066 
M-131    57,066         4.50%    214     1,040   1,254   56,026 
M-132    56,026         4.50%    210     1,044   1,254   54,982 
M-133    54,982         4.50%    206     1,048   1,254   53,934 
M-134    53,934         4.50%    202     1,052   1,254   52,882 
M-135    52,882         4.50%    198     1,056   1,254   51,826 
M-136    51,826         4.50%    194     1,060   1,254   50,767 
M-137    50,767         4.50%    190     1,064   1,254   49,703 
M-138    49,703         4.50%    186     1,068   1,254   48,636 
M-139    48,636         4.50%    182     1,072   1,254   47,564 
M-140    47,564         4.50%    178     1,076   1,254   46,488 
M-141    46,488         4.50%    174     1,080   1,254   45,409 
M-142    45,409         4.50%    170     1,084   1,254   44,325 
M-143    44,325         4.50%    166     1,088   1,254   43,237 
M-144    43,237         4.50%    162     1,092   1,254   42,145 
M-145    42,145         4.50%    158     1,096   1,254   41,049 
M-146    41,049         4.50%    154     1,100   1,254   39,949 
M-147    39,949         4.50%    150     1,104   1,254   38,845 
M-148    38,845         4.50%    146     1,108   1,254   37,737 
M-149    37,737         4.50%    142     1,112   1,254   36,624 
M-150    36,624         4.50%    137     1,117   1,254   35,508 
M-151    35,508         4.50%    133     1,121   1,254   34,387 
M-152    34,387         4.50%    129     1,125   1,254   33,262 
M-153    33,262         4.50%    125     1,129   1,254   32,132 
M-154    32,132         4.50%    120     1,134   1,254   30,999 
M-155    30,999         4.50%    116     1,138   1,254   29,861 
M-156    29,861         4.50%    112     1,142   1,254   28,719 
M-157    28,719         4.50%    108     1,146   1,254   27,573 
M-158    27,573         4.50%    103     1,151   1,254   26,422 
M-159    26,422         4.50%    99      1,155   1,254   25,267 
M-160    25,267         4.50%    95      1,159   1,254   24,108 
M-161    24,108         4.50%    90      1,164   1,254   22,945 
M-162    22,945         4.50%    86      1,168   1,254   21,777 
M-163    21,777         4.50%    82      1,172   1,254   20,604 
M-164    20,604         4.50%    77      1,177   1,254   19,427 
M-165    19,427         4.50%    73      1,181   1,254   18,246 
M-166    18,246         4.50%    68      1,186   1,254   17,061 
M-167    17,061         4.50%    64      1,190   1,254   15,871 
M-168    15,871         4.50%    60      1,194   1,254   14,676 
M-169    14,676         4.50%    55      1,199   1,254   13,477 
M-170    13,477         4.50%    51      1,203   1,254   12,274 
M-171    12,274         4.50%    46      1,208   1,254   11,066 
M-172    11,066         4.50%    41      1,213   1,254   9,853 
M-173     9,853         4.50%    37      1,217   1,254   8,636 
M-174    8,636          4.50%    32      1,222   1,254   7,415
M-175    7,415          4.50%    28      1,226   1,254   6,189
M-176    6,189          4.50%    23      1,231   1,254   4,958
M-177    4,958          4.50%    19      1,235   1,254   3,722
M-178    3,722          4.50%    14      1,240   1,254   2,482
M-179    2,482          4.50%    9       1,245   1,254   1,238
M-180    1,238          4.50%    5       1,237   1,242   0

ekkarill92 answered 1 year ago
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