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)

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 2 years ago

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