Question

In: Economics

Create an Amortization Schedule for a $275,000 office building to be purchased with a 30-year loan...

Create an Amortization Schedule for a $275,000 office building to be purchased with a 30-year loan at an APR of 5% compounded monthly. Determine the monthly payments and how much interest is paid over the life of the loan. (format amortization schedule with the following columns: month, beginning principal, monthly payment, monthly interest, principal reduction, ending principal)

Solutions

Expert Solution

When there is an APR of 5% compounded monthly, and monthly payment is done, effective rate is 5/12 = 0.4167%

With this interest rate the monthly payment is 275000(A/P, 0.4167%, 360) = 275000*0.005368 = 1476.26.

Below is the required table. the interest payment is 0.416667% of closing balance

Beginning principal interest payment Principal reduction Monthly payment Ending principal
0 275000.0 0.0 0.0 0.00 275000.0
1 275000.0 1145.8 330.4 1476.26 274669.6
2 274669.6 1144.5 331.8 1476.26 274337.8
3 274337.8 1143.1 333.2 1476.26 274004.6
4 274004.6 1141.7 334.6 1476.26 273670.0
5 273670.0 1140.3 336.0 1476.26 273334.0
6 273334.0 1138.9 337.4 1476.26 272996.7
7 272996.7 1137.5 338.8 1476.26 272657.9
8 272657.9 1136.1 340.2 1476.26 272317.7
9 272317.7 1134.7 341.6 1476.26 271976.1
10 271976.1 1133.2 343.0 1476.26 271633.1
11 271633.1 1131.8 344.5 1476.26 271288.6
12 271288.6 1130.4 345.9 1476.26 270942.7
13 270942.7 1128.9 347.3 1476.26 270595.4
14 270595.4 1127.5 348.8 1476.26 270246.6
15 270246.6 1126.0 350.2 1476.26 269896.4
16 269896.4 1124.6 351.7 1476.26 269544.7
17 269544.7 1123.1 353.2 1476.26 269191.5
18 269191.5 1121.6 354.6 1476.26 268836.9
19 268836.9 1120.2 356.1 1476.26 268480.8
20 268480.8 1118.7 357.6 1476.26 268123.2
21 268123.2 1117.2 359.1 1476.26 267764.1
22 267764.1 1115.7 360.6 1476.26 267403.6
23 267403.6 1114.2 362.1 1476.26 267041.5
24 267041.5 1112.7 363.6 1476.26 266677.9
25 266677.9 1111.2 365.1 1476.26 266312.8
26 266312.8 1109.6 366.6 1476.26 265946.2
27 265946.2 1108.1 368.2 1476.26 265578.0
28 265578.0 1106.6 369.7 1476.26 265208.3
29 265208.3 1105.0 371.2 1476.26 264837.1
30 264837.1 1103.5 372.8 1476.26 264464.3
31 264464.3 1101.9 374.3 1476.26 264090.0
32 264090.0 1100.4 375.9 1476.26 263714.1
33 263714.1 1098.8 377.5 1476.26 263336.7
34 263336.7 1097.2 379.0 1476.26 262957.7
35 262957.7 1095.7 380.6 1476.26 262577.1
36 262577.1 1094.1 382.2 1476.26 262194.9
37 262194.9 1092.5 383.8 1476.26 261811.1
38 261811.1 1090.9 385.4 1476.26 261425.7
39 261425.7 1089.3 387.0 1476.26 261038.7
40 261038.7 1087.7 388.6 1476.26 260650.1
41 260650.1 1086.0 390.2 1476.26 260259.9
42 260259.9 1084.4 391.8 1476.26 259868.1
43 259868.1 1082.8 393.5 1476.26 259474.6
44 259474.6 1081.1 395.1 1476.26 259079.5
45 259079.5 1079.5 396.8 1476.26 258682.7
46 258682.7 1077.8 398.4 1476.26 258284.3
47 258284.3 1076.2 400.1 1476.26 257884.2
48 257884.2 1074.5 401.7 1476.26 257482.5
49 257482.5 1072.8 403.4 1476.26 257079.1
50 257079.1 1071.2 405.1 1476.26 256674.0
51 256674.0 1069.5 406.8 1476.26 256267.2
52 256267.2 1067.8 408.5 1476.26 255858.7
53 255858.7 1066.1 410.2 1476.26 255448.5
54 255448.5 1064.4 411.9 1476.26 255036.6
55 255036.6 1062.7 413.6 1476.26 254623.0
56 254623.0 1060.9 415.3 1476.26 254207.7
57 254207.7 1059.2 417.1 1476.26 253790.6
58 253790.6 1057.5 418.8 1476.26 253371.8
59 253371.8 1055.7 420.5 1476.26 252951.3
60 252951.3 1054.0 422.3 1476.26 252529.0
61 252529.0 1052.2 424.1 1476.26 252104.9
62 252104.9 1050.4 425.8 1476.26 251679.1
63 251679.1 1048.7 427.6 1476.26 251251.5
64 251251.5 1046.9 429.4 1476.26 250822.1
65 250822.1 1045.1 431.2 1476.26 250391.0
66 250391.0 1043.3 433.0 1476.26 249958.0
67 249958.0 1041.5 434.8 1476.26 249523.2
68 249523.2 1039.7 436.6 1476.26 249086.6
69 249086.6 1037.9 438.4 1476.26 248648.2
70 248648.2 1036.0 440.2 1476.26 248208.0
71 248208.0 1034.2 442.1 1476.26 247766.0
72 247766.0 1032.4 443.9 1476.26 247322.1
73 247322.1 1030.5 445.8 1476.26 246876.3
74 246876.3 1028.7 447.6 1476.26 246428.7
75 246428.7 1026.8 449.5 1476.26 245979.2
76 245979.2 1024.9 451.3 1476.26 245527.9
77 245527.9 1023.0 453.2 1476.26 245074.7
78 245074.7 1021.1 455.1 1476.26 244619.5
79 244619.5 1019.2 457.0 1476.26 244162.5
80 244162.5 1017.3 458.9 1476.26 243703.6
81 243703.6 1015.4 460.8 1476.26 243242.8
82 243242.8 1013.5 462.7 1476.26 242780.0
83 242780.0 1011.6 464.7 1476.26 242315.4
84 242315.4 1009.6 466.6 1476.26 241848.7
85 241848.7 1007.7 468.6 1476.26 241380.2
86 241380.2 1005.8 470.5 1476.26 240909.7
87 240909.7 1003.8 472.5 1476.26 240437.2
88 240437.2 1001.8 474.4 1476.26 239962.8
89 239962.8 999.8 476.4 1476.26 239486.4
90 239486.4 997.9 478.4 1476.26 239008.0
91 239008.0 995.9 480.4 1476.26 238527.6
92 238527.6 993.9 482.4 1476.26 238045.2
93 238045.2 991.9 484.4 1476.26 237560.8
94 237560.8 989.8 486.4 1476.26 237074.3
95 237074.3 987.8 488.5 1476.26 236585.9
96 236585.9 985.8 490.5 1476.26 236095.4
97 236095.4 983.7 492.5 1476.26 235602.9
98 235602.9 981.7 494.6 1476.26 235108.3
99 235108.3 979.6 496.6 1476.26 234611.7
100 234611.7 977.5 498.7 1476.26 234112.9
101 234112.9 975.5 500.8 1476.26 233612.2
102 233612.2 973.4 502.9 1476.26 233109.3
103 233109.3 971.3 505.0 1476.26 232604.3
104 232604.3 969.2 507.1 1476.26 232097.2
105 232097.2 967.1 509.2 1476.26 231588.0
106 231588.0 965.0 511.3 1476.26 231076.7
107 231076.7 962.8 513.4 1476.26 230563.3
108 230563.3 960.7 515.6 1476.26 230047.7
109 230047.7 958.5 517.7 1476.26 229530.0
110 229530.0 956.4 519.9 1476.26 229010.1
111 229010.1 954.2 522.1 1476.26 228488.0
112 228488.0 952.0 524.2 1476.26 227963.8
113 227963.8 949.8 526.4 1476.26 227437.4
114 227437.4 947.7 528.6 1476.26 226908.8
115 226908.8 945.5 530.8 1476.26 226378.0
116 226378.0 943.2 533.0 1476.26 225845.0
117 225845.0 941.0 535.2 1476.26 225309.7
118 225309.7 938.8 537.5 1476.26 224772.3
119 224772.3 936.6 539.7 1476.26 224232.6
120 224232.6 934.3 542.0 1476.26 223690.6
121 223690.6 932.0 544.2 1476.26 223146.4
122 223146.4 929.8 546.5 1476.26 222599.9
123 222599.9 927.5 548.8 1476.26 222051.1
124 222051.1 925.2 551.0 1476.26 221500.1
125 221500.1 922.9 553.3 1476.26 220946.8
126 220946.8 920.6 555.6 1476.26 220391.1
127 220391.1 918.3 558.0 1476.26 219833.1
128 219833.1 916.0 560.3 1476.26 219272.9
129 219272.9 913.6 562.6 1476.26 218710.2
130 218710.2 911.3 565.0 1476.26 218145.3
131 218145.3 908.9 567.3 1476.26 217577.9
132 217577.9 906.6 569.7 1476.26 217008.3
133 217008.3 904.2 572.1 1476.26 216436.2
134 216436.2 901.8 574.4 1476.26 215861.8
135 215861.8 899.4 576.8 1476.26 215284.9
136 215284.9 897.0 579.2 1476.26 214705.7
137 214705.7 894.6 581.7 1476.26 214124.0
138 214124.0 892.2 584.1 1476.26 213540.0
139 213540.0 889.7 586.5 1476.26 212953.4
140 212953.4 887.3 589.0 1476.26 212364.5
141 212364.5 884.9 591.4 1476.26 211773.1
142 211773.1 882.4 593.9 1476.26 211179.2
143 211179.2 879.9 596.3 1476.26 210582.9
144 210582.9 877.4 598.8 1476.26 209984.0
145 209984.0 874.9 601.3 1476.26 209382.7
146 209382.7 872.4 603.8 1476.26 208778.9
147 208778.9 869.9 606.3 1476.26 208172.5
148 208172.5 867.4 608.9 1476.26 207563.7
149 207563.7 864.8 611.4 1476.26 206952.2
150 206952.2 862.3 614.0 1476.26 206338.3
151 206338.3 859.7 616.5 1476.26 205721.8
152 205721.8 857.2 619.1 1476.26 205102.7
153 205102.7 854.6 621.7 1476.26 204481.0
154 204481.0 852.0 624.3 1476.26 203856.8
155 203856.8 849.4 626.9 1476.26 203229.9
156 203229.9 846.8 629.5 1476.26 202600.4
157 202600.4 844.2 632.1 1476.26 201968.3
158 201968.3 841.5 634.7 1476.26 201333.6
159 201333.6 838.9 637.4 1476.26 200696.2
160 200696.2 836.2 640.0 1476.26 200056.2
161 200056.2 833.6 642.7 1476.26 199413.5
162 199413.5 830.9 645.4 1476.26 198768.2
163 198768.2 828.2 648.1 1476.26 198120.1
164 198120.1 825.5 650.8 1476.26 197469.3
165 197469.3 822.8 653.5 1476.26 196815.9
166 196815.9 820.1 656.2 1476.26 196159.7
167 196159.7 817.3 658.9 1476.26 195500.7
168 195500.7 814.6 661.7 1476.26 194839.1
169 194839.1 811.8 664.4 1476.26 194174.6
170 194174.6 809.1 667.2 1476.26 193507.4
171 193507.4 806.3 670.0 1476.26 192837.5
172 192837.5 803.5 672.8 1476.26 192164.7
173 192164.7 800.7 675.6 1476.26 191489.1
174 191489.1 797.9 678.4 1476.26 190810.7
175 190810.7 795.0 681.2 1476.26 190129.5
176 190129.5 792.2 684.1 1476.26 189445.5
177 189445.5 789.4 686.9 1476.26 188758.6
178 188758.6 786.5 689.8 1476.26 188068.8
179 188068.8 783.6 692.6 1476.26 187376.2
180 187376.2 780.7 695.5 1476.26 186680.6
181 186680.6 777.8 698.4 1476.26 185982.2
182 185982.2 774.9 701.3 1476.26 185280.9
183 185280.9 772.0 704.3 1476.26 184576.6
184 184576.6 769.1 707.2 1476.26 183869.4
185 183869.4 766.1 710.1 1476.26 183159.3
186 183159.3 763.2 713.1 1476.26 182446.2
187 182446.2 760.2 716.1 1476.26 181730.1
188 181730.1 757.2 719.1 1476.26 181011.1
189 181011.1 754.2 722.0 1476.26 180289.0
190 180289.0 751.2 725.1 1476.26 179564.0
191 179564.0 748.2 728.1 1476.26 178835.9
192 178835.9 745.1 731.1 1476.26 178104.8
193 178104.8 742.1 734.2 1476.26 177370.6
194 177370.6 739.0 737.2 1476.26 176633.4
195 176633.4 736.0 740.3 1476.26 175893.1
196 175893.1 732.9 743.4 1476.26 175149.7
197 175149.7 729.8 746.5 1476.26 174403.3
198 174403.3 726.7 749.6 1476.26 173653.7
199 173653.7 723.6 752.7 1476.26 172901.0
200 172901.0 720.4 755.8 1476.26 172145.2
201 172145.2 717.3 759.0 1476.26 171386.2
202 171386.2 714.1 762.2 1476.26 170624.0
203 170624.0 710.9 765.3 1476.26 169858.7
204 169858.7 707.7 768.5 1476.26 169090.2
205 169090.2 704.5 771.7 1476.26 168318.5
206 168318.5 701.3 774.9 1476.26 167543.5
207 167543.5 698.1 778.2 1476.26 166765.4
208 166765.4 694.9 781.4 1476.26 165984.0
209 165984.0 691.6 784.7 1476.26 165199.3
210 165199.3 688.3 787.9 1476.26 164411.4
211 164411.4 685.0 791.2 1476.26 163620.2
212 163620.2 681.8 794.5 1476.26 162825.6
213 162825.6 678.4 797.8 1476.26 162027.8
214 162027.8 675.1 801.1 1476.26 161226.7
215 161226.7 671.8 804.5 1476.26 160422.2
216 160422.2 668.4 807.8 1476.26 159614.4
217 159614.4 665.1 811.2 1476.26 158803.2
218 158803.2 661.7 814.6 1476.26 157988.6
219 157988.6 658.3 818.0 1476.26 157170.6
220 157170.6 654.9 821.4 1476.26 156349.2
221 156349.2 651.5 824.8 1476.26 155524.4
222 155524.4 648.0 828.2 1476.26 154696.2
223 154696.2 644.6 831.7 1476.26 153864.5
224 153864.5 641.1 835.2 1476.26 153029.3
225 153029.3 637.6 838.6 1476.26 152190.7
226 152190.7 634.1 842.1 1476.26 151348.6
227 151348.6 630.6 845.6 1476.26 150502.9
228 150502.9 627.1 849.2 1476.26 149653.8
229 149653.8 623.6 852.7 1476.26 148801.1
230 148801.1 620.0 856.3 1476.26 147944.8
231 147944.8 616.4 859.8 1476.26 147085.0
232 147085.0 612.9 863.4 1476.26 146221.6
233 146221.6 609.3 867.0 1476.26 145354.6
234 145354.6 605.6 870.6 1476.26 144484.0
235 144484.0 602.0 874.2 1476.26 143609.7
236 143609.7 598.4 877.9 1476.26 142731.8
237 142731.8 594.7 881.5 1476.26 141850.3
238 141850.3 591.0 885.2 1476.26 140965.1
239 140965.1 587.4 888.9 1476.26 140076.2
240 140076.2 583.7 892.6 1476.26 139183.5
241 139183.5 579.9 896.3 1476.26 138287.2
242 138287.2 576.2 900.1 1476.26 137387.2
243 137387.2 572.4 903.8 1476.26 136483.3
244 136483.3 568.7 907.6 1476.26 135575.8
245 135575.8 564.9 911.4 1476.26 134664.4
246 134664.4 561.1 915.2 1476.26 133749.2
247 133749.2 557.3 919.0 1476.26 132830.3
248 132830.3 553.5 922.8 1476.26 131907.5
249 131907.5 549.6 926.6 1476.26 130980.8
250 130980.8 545.8 930.5 1476.26 130050.3
251 130050.3 541.9 934.4 1476.26 129115.9
252 129115.9 538.0 938.3 1476.26 128177.7
253 128177.7 534.1 942.2 1476.26 127235.5
254 127235.5 530.1 946.1 1476.26 126289.4
255 126289.4 526.2 950.1 1476.26 125339.3
256 125339.3 522.2 954.0 1476.26 124385.3
257 124385.3 518.3 958.0 1476.26 123427.3
258 123427.3 514.3 962.0 1476.26 122465.3
259 122465.3 510.3 966.0 1476.26 121499.3
260 121499.3 506.2 970.0 1476.26 120529.3
261 120529.3 502.2 974.1 1476.26 119555.3
262 119555.3 498.1 978.1 1476.26 118577.2
263 118577.2 494.1 982.2 1476.26 117595.0
264 117595.0 490.0 986.3 1476.26 116608.7
265 116608.7 485.9 990.4 1476.26 115618.3
266 115618.3 481.7 994.5 1476.26 114623.8
267 114623.8 477.6 998.7 1476.26 113625.1
268 113625.1 473.4 1002.8 1476.26 112622.3
269 112622.3 469.3 1007.0 1476.26 111615.3
270 111615.3 465.1 1011.2 1476.26 110604.1
271 110604.1 460.9 1015.4 1476.26 109588.7
272 109588.7 456.6 1019.6 1476.26 108569.1
273 108569.1 452.4 1023.9 1476.26 107545.2
274 107545.2 448.1 1028.2 1476.26 106517.0
275 106517.0 443.8 1032.4 1476.26 105484.6
276 105484.6 439.5 1036.7 1476.26 104447.8
277 104447.8 435.2 1041.1 1476.26 103406.8
278 103406.8 430.9 1045.4 1476.26 102361.4
279 102361.4 426.5 1049.8 1476.26 101311.6
280 101311.6 422.1 1054.1 1476.26 100257.5
281 100257.5 417.7 1058.5 1476.26 99199.0
282 99199.0 413.3 1062.9 1476.26 98136.0
283 98136.0 408.9 1067.4 1476.26 97068.7
284 97068.7 404.5 1071.8 1476.26 95996.9
285 95996.9 400.0 1076.3 1476.26 94920.6
286 94920.6 395.5 1080.8 1476.26 93839.8
287 93839.8 391.0 1085.3 1476.26 92754.6
288 92754.6 386.5 1089.8 1476.26 91664.8
289 91664.8 381.9 1094.3 1476.26 90570.5
290 90570.5 377.4 1098.9 1476.26 89471.6
291 89471.6 372.8 1103.5 1476.26 88368.1
292 88368.1 368.2 1108.1 1476.26 87260.1
293 87260.1 363.6 1112.7 1476.26 86147.4
294 86147.4 358.9 1117.3 1476.26 85030.1
295 85030.1 354.3 1122.0 1476.26 83908.1
296 83908.1 349.6 1126.6 1476.26 82781.5
297 82781.5 344.9 1131.3 1476.26 81650.1
298 81650.1 340.2 1136.1 1476.26 80514.1
299 80514.1 335.5 1140.8 1476.26 79373.3
300 79373.3 330.7 1145.5 1476.26 78227.8
301 78227.8 325.9 1150.3 1476.26 77077.4
302 77077.4 321.2 1155.1 1476.26 75922.3
303 75922.3 316.3 1159.9 1476.26 74762.4
304 74762.4 311.5 1164.7 1476.26 73597.7
305 73597.7 306.7 1169.6 1476.26 72428.1
306 72428.1 301.8 1174.5 1476.26 71253.6
307 71253.6 296.9 1179.4 1476.26 70074.2
308 70074.2 292.0 1184.3 1476.26 68889.9
309 68889.9 287.0 1189.2 1476.26 67700.7
310 67700.7 282.1 1194.2 1476.26 66506.5
311 66506.5 277.1 1199.1 1476.26 65307.4
312 65307.4 272.1 1204.1 1476.26 64103.3
313 64103.3 267.1 1209.2 1476.26 62894.1
314 62894.1 262.1 1214.2 1476.26 61679.9
315 61679.9 257.0 1219.3 1476.26 60460.6
316 60460.6 251.9 1224.3 1476.26 59236.3
317 59236.3 246.8 1229.4 1476.26 58006.8
318 58006.8 241.7 1234.6 1476.26 56772.3
319 56772.3 236.6 1239.7 1476.26 55532.6
320 55532.6 231.4 1244.9 1476.26 54287.7
321 54287.7 226.2 1250.1 1476.26 53037.6
322 53037.6 221.0 1255.3 1476.26 51782.4
323 51782.4 215.8 1260.5 1476.26 50521.9
324 50521.9 210.5 1265.8 1476.26 49256.1
325 49256.1 205.2 1271.0 1476.26 47985.1
326 47985.1 199.9 1276.3 1476.26 46708.8
327 46708.8 194.6 1281.6 1476.26 45427.1
328 45427.1 189.3 1287.0 1476.26 44140.1
329 44140.1 183.9 1292.3 1476.26 42847.8
330 42847.8 178.5 1297.7 1476.26 41550.1
331 41550.1 173.1 1303.1 1476.26 40246.9
332 40246.9 167.7 1308.6 1476.26 38938.4
333 38938.4 162.2 1314.0 1476.26 37624.4
334 37624.4 156.8 1319.5 1476.26 36304.9
335 36304.9 151.3 1325.0 1476.26 34979.9
336 34979.9 145.7 1330.5 1476.26 33649.4
337 33649.4 140.2 1336.1 1476.26 32313.3
338 32313.3 134.6 1341.6 1476.26 30971.7
339 30971.7 129.0 1347.2 1476.26 29624.5
340 29624.5 123.4 1352.8 1476.26 28271.7
341 28271.7 117.8 1358.5 1476.26 26913.2
342 26913.2 112.1 1364.1 1476.26 25549.1
343 25549.1 106.5 1369.8 1476.26 24179.3
344 24179.3 100.7 1375.5 1476.26 22803.8
345 22803.8 95.0 1381.2 1476.26 21422.5
346 21422.5 89.3 1387.0 1476.26 20035.5
347 20035.5 83.5 1392.8 1476.26 18642.7
348 18642.7 77.7 1398.6 1476.26 17244.1
349 17244.1 71.9 1404.4 1476.26 15839.7
350 15839.7 66.0 1410.3 1476.26 14429.5
351 14429.5 60.1 1416.1 1476.26 13013.3
352 13013.3 54.2 1422.0 1476.26 11591.3
353 11591.3 48.3 1428.0 1476.26 10163.3
354 10163.3 42.3 1433.9 1476.26 8729.4
355 8729.4 36.4 1439.9 1476.26 7289.5
356 7289.5 30.4 1445.9 1476.26 5843.7
357 5843.7 24.3 1451.9 1476.26 4391.7
358 4391.7 18.3 1458.0 1476.26 2933.8
359 2933.8 12.2 1464.0 1476.26 1469.7
360 1469.7 6.1 1470.1 1476.26 0

Rahul Sunny answered 1 year ago
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