Create a table showing the payment of a mortgage of $239,000 month by month. Create columns...

Create a table showing the payment of a mortgage of $239,000 month by month. Create columns for: - Time (in years) - Interest (for that month) - Payment (always the same value) - Payment against principal - Remaining Principal The mortgage is to last 33 years, and the nominal interest rate is 6.03% (a) What is the monthly payment? (b) What is the interest paid at the end of the 9th month? (c) How much of the principal is paid down by the payment made at the end of the 22nd month? (d) The first time that the portion of a monthly payment that is paying down the principal will be larger than the portion paying interest will occur at the end of month number________?

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Solution :-

(a) The monthly payment is $ 1,392.26

(b) Total Interest paid at the end of 9th month is $10,773.75 and the interest for 9 th month is $1,193.15

(d) The First Time that the portion of a monthly payment that is paying down the principal will be larger than the portion paying interest will occur at the end of 259 th month. (at the end of 259 th month , the principal is $ 697.13 and Interest is $ 695.13

The table is attached below:

jeff jeffy answered 2 years ago

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