Question

You want to buy a house in Whittier CA that costs $1,067,000. You have a down payment equal

to 23% of that price, and you have found a bank that will loan you the remainder (ignore closing

costs, property taxes, etc..). The interest rate on this mortgage is 4.75% p.a. with monthly

compounding (APR), this rate is fixed for 30 years, and payments on the loan are made monthly

(in arrears, as with most mortgages). Assume that you will take out the loan on October 1st, 2020.

What is your monthly mortgage payment? ($4,285.80) On what date is the first payment due and

on what date is the last one due?

2) Create an amortization table for the mortgage described in #1 above.

a. What is the amount of principal paid with the payment made in July 2033? ($1,884.38)

b. What is the amount of interest paid with the payment made in October 2040? ($1,628.54)

Answer 1

	Principal Amount Left	Interest Paid	Monthly Payments	Principal Paid
Oct-20	821590.00	3252.13	4285.80	1033.67
Nov-20	820556.33	3248.04	4285.80	1037.76
Dec-20	819518.56	3243.93	4285.80	1041.87
Jan-21	818476.69	3239.80	4285.80	1046.00
Feb-21	817430.69	3235.66	4285.80	1050.14
Mar-21	816380.56	3231.51	4285.80	1054.29
Apr-21	815326.26	3227.33	4285.80	1058.47
May-21	814267.80	3223.14	4285.80	1062.66
Jun-21	813205.14	3218.94	4285.80	1066.86
Jul-21	812138.28	3214.71	4285.80	1071.09
Aug-21	811067.19	3210.47	4285.80	1075.33
Sep-21	809991.87	3206.22	4285.80	1079.58
Oct-21	808912.28	3201.94	4285.80	1083.86
Nov-21	807828.43	3197.65	4285.80	1088.15
Dec-21	806740.28	3193.35	4285.80	1092.45
Jan-22	805647.83	3189.02	4285.80	1096.78
Feb-22	804551.05	3184.68	4285.80	1101.12
Mar-22	803449.93	3180.32	4285.80	1105.48
Apr-22	802344.46	3175.95	4285.80	1109.85
May-22	801234.60	3171.55	4285.80	1114.25
Jun-22	800120.36	3167.14	4285.80	1118.66
Jul-22	799001.70	3162.72	4285.80	1123.08
Aug-22	797878.61	3158.27	4285.80	1127.53
Sep-22	796751.08	3153.81	4285.80	1131.99
Oct-22	795619.09	3149.33	4285.80	1136.47
Nov-22	794482.62	3144.83	4285.80	1140.97
Dec-22	793341.64	3140.31	4285.80	1145.49
Jan-23	792196.15	3135.78	4285.80	1150.02
Feb-23	791046.13	3131.22	4285.80	1154.58
Mar-23	789891.55	3126.65	4285.80	1159.15
Apr-23	788732.41	3122.07	4285.80	1163.73
May-23	787568.67	3117.46	4285.80	1168.34
Jun-23	786400.33	3112.83	4285.80	1172.97
Jul-23	785227.37	3108.19	4285.80	1177.61
Aug-23	784049.76	3103.53	4285.80	1182.27
Sep-23	782867.49	3098.85	4285.80	1186.95
Oct-23	781680.54	3094.15	4285.80	1191.65
Nov-23	780488.89	3089.44	4285.80	1196.36
Dec-23	779292.53	3084.70	4285.80	1201.10
Jan-24	778091.43	3079.95	4285.80	1205.85
Feb-24	776885.57	3075.17	4285.80	1210.63
Mar-24	775674.94	3070.38	4285.80	1215.42
Apr-24	774459.52	3065.57	4285.80	1220.23
May-24	773239.29	3060.74	4285.80	1225.06
Jun-24	772014.23	3055.89	4285.80	1229.91
Jul-24	770784.32	3051.02	4285.80	1234.78
Aug-24	769549.54	3046.13	4285.80	1239.67
Sep-24	768309.88	3041.23	4285.80	1244.57
Oct-24	767065.30	3036.30	4285.80	1249.50
Nov-24	765815.80	3031.35	4285.80	1254.45
Dec-24	764561.36	3026.39	4285.80	1259.41
Jan-25	763301.95	3021.40	4285.80	1264.40
Feb-25	762037.55	3016.40	4285.80	1269.40
Mar-25	760768.15	3011.37	4285.80	1274.43
Apr-25	759493.72	3006.33	4285.80	1279.47
May-25	758214.25	3001.26	4285.80	1284.54
Jun-25	756929.72	2996.18	4285.80	1289.62
Jul-25	755640.10	2991.08	4285.80	1294.72
Aug-25	754345.37	2985.95	4285.80	1299.85
Sep-25	753045.52	2980.81	4285.80	1304.99
Oct-25	751740.53	2975.64	4285.80	1310.16
Nov-25	750430.37	2970.45	4285.80	1315.35
Dec-25	749115.02	2965.25	4285.80	1320.55
Jan-26	747794.47	2960.02	4285.80	1325.78
Feb-26	746468.69	2954.77	4285.80	1331.03
Mar-26	745137.66	2949.50	4285.80	1336.30
Apr-26	743801.36	2944.21	4285.80	1341.59
May-26	742459.78	2938.90	4285.80	1346.90
Jun-26	741112.88	2933.57	4285.80	1352.23
Jul-26	739760.65	2928.22	4285.80	1357.58
Aug-26	738403.07	2922.85	4285.80	1362.95
Sep-26	737040.12	2917.45	4285.80	1368.35
Oct-26	735671.77	2912.03	4285.80	1373.77
Nov-26	734298.00	2906.60	4285.80	1379.20
Dec-26	732918.80	2901.14	4285.80	1384.66
Jan-27	731534.13	2895.66	4285.80	1390.14
Feb-27	730143.99	2890.15	4285.80	1395.65
Mar-27	728748.34	2884.63	4285.80	1401.17
Apr-27	727347.17	2879.08	4285.80	1406.72
May-27	725940.45	2873.51	4285.80	1412.29
Jun-27	724528.17	2867.92	4285.80	1417.88
Jul-27	723110.29	2862.31	4285.80	1423.49
Aug-27	721686.80	2856.68	4285.80	1429.12
Sep-27	720257.68	2851.02	4285.80	1434.78
Oct-27	718822.90	2845.34	4285.80	1440.46
Nov-27	717382.44	2839.64	4285.80	1446.16
Dec-27	715936.28	2833.91	4285.80	1451.89
Jan-28	714484.39	2828.17	4285.80	1457.63
Feb-28	713026.76	2822.40	4285.80	1463.40
Mar-28	711563.36	2816.60	4285.80	1469.20
Apr-28	710094.16	2810.79	4285.80	1475.01
May-28	708619.15	2804.95	4285.80	1480.85
Jun-28	707138.30	2799.09	4285.80	1486.71
Jul-28	705651.59	2793.20	4285.80	1492.60
Aug-28	704159.00	2787.30	4285.80	1498.50
Sep-28	702660.49	2781.36	4285.80	1504.44
Oct-28	701156.06	2775.41	4285.80	1510.39
Nov-28	699645.67	2769.43	4285.80	1516.37
Dec-28	698129.30	2763.43	4285.80	1522.37
Jan-29	696606.93	2757.40	4285.80	1528.40
Feb-29	695078.53	2751.35	4285.80	1534.45
Mar-29	693544.08	2745.28	4285.80	1540.52
Apr-29	692003.56	2739.18	4285.80	1546.62
May-29	690456.94	2733.06	4285.80	1552.74
Jun-29	688904.20	2726.91	4285.80	1558.89
Jul-29	687345.31	2720.74	4285.80	1565.06
Aug-29	685780.25	2714.55	4285.80	1571.25
Sep-29	684209.00	2708.33	4285.80	1577.47
Oct-29	682631.53	2702.08	4285.80	1583.72
Nov-29	681047.81	2695.81	4285.80	1589.99
Dec-29	679457.83	2689.52	4285.80	1596.28
Jan-30	677861.55	2683.20	4285.80	1602.60
Feb-30	676258.95	2676.86	4285.80	1608.94
Mar-30	674650.01	2670.49	4285.80	1615.31
Apr-30	673034.70	2664.10	4285.80	1621.70
May-30	671412.99	2657.68	4285.80	1628.12
Jun-30	669784.87	2651.23	4285.80	1634.57
Jul-30	668150.30	2644.76	4285.80	1641.04
Aug-30	666509.26	2638.27	4285.80	1647.53
Sep-30	664861.73	2631.74	4285.80	1654.06
Oct-30	663207.67	2625.20	4285.80	1660.60
Nov-30	661547.07	2618.62	4285.80	1667.18
Dec-30	659879.89	2612.02	4285.80	1673.78
Jan-31	658206.12	2605.40	4285.80	1680.40
Feb-31	656525.72	2598.75	4285.80	1687.05
Mar-31	654838.66	2592.07	4285.80	1693.73
Apr-31	653144.93	2585.37	4285.80	1700.43
May-31	651444.50	2578.63	4285.80	1707.17
Jun-31	649737.33	2571.88	4285.80	1713.92
Jul-31	648023.41	2565.09	4285.80	1720.71
Aug-31	646302.70	2558.28	4285.80	1727.52
Sep-31	644575.19	2551.44	4285.80	1734.36
Oct-31	642840.83	2544.58	4285.80	1741.22
Nov-31	641099.61	2537.69	4285.80	1748.11
Dec-31	639351.49	2530.77	4285.80	1755.03
Jan-32	637596.46	2523.82	4285.80	1761.98
Feb-32	635834.48	2516.84	4285.80	1768.96
Mar-32	634065.52	2509.84	4285.80	1775.96
Apr-32	632289.57	2502.81	4285.80	1782.99
May-32	630506.58	2495.76	4285.80	1790.04
Jun-32	628716.53	2488.67	4285.80	1797.13
Jul-32	626919.40	2481.56	4285.80	1804.24
Aug-32	625115.16	2474.41	4285.80	1811.39
Sep-32	623303.77	2467.24	4285.80	1818.56
Oct-32	621485.22	2460.05	4285.80	1825.75
Nov-32	619659.46	2452.82	4285.80	1832.98
Dec-32	617826.48	2445.56	4285.80	1840.24
Jan-33	615986.25	2438.28	4285.80	1847.52
Feb-33	614138.72	2430.97	4285.80	1854.83
Mar-33	612283.89	2423.62	4285.80	1862.18
Apr-33	610421.71	2416.25	4285.80	1869.55
May-33	608552.17	2408.85	4285.80	1876.95
Jun-33	606675.22	2401.42	4285.80	1884.38
Jul-33	604790.84	2393.96	4285.80	1891.84
Aug-33	602899.01	2386.48	4285.80	1899.32
Sep-33	600999.68	2378.96	4285.80	1906.84
Oct-33	599092.84	2371.41	4285.80	1914.39
Nov-33	597178.45	2363.83	4285.80	1921.97
Dec-33	595256.48	2356.22	4285.80	1929.58
Jan-34	593326.90	2348.59	4285.80	1937.21
Feb-34	591389.69	2340.92	4285.80	1944.88
Mar-34	589444.81	2333.22	4285.80	1952.58
Apr-34	587492.22	2325.49	4285.80	1960.31
May-34	585531.91	2317.73	4285.80	1968.07
Jun-34	583563.84	2309.94	4285.80	1975.86
Jul-34	581587.98	2302.12	4285.80	1983.68
Aug-34	579604.30	2294.27	4285.80	1991.53
Sep-34	577612.77	2286.38	4285.80	1999.42
Oct-34	575613.35	2278.47	4285.80	2007.33
Nov-34	573606.02	2270.52	4285.80	2015.28
Dec-34	571590.75	2262.55	4285.80	2023.25
Jan-35	569567.50	2254.54	4285.80	2031.26
Feb-35	567536.23	2246.50	4285.80	2039.30
Mar-35	565496.93	2238.43	4285.80	2047.37
Apr-35	563449.56	2230.32	4285.80	2055.48
May-35	561394.08	2222.18	4285.80	2063.62
Jun-35	559330.46	2214.02	4285.80	2071.78
Jul-35	557258.68	2205.82	4285.80	2079.98
Aug-35	555178.69	2197.58	4285.80	2088.22
Sep-35	553090.48	2189.32	4285.80	2096.48
Oct-35	550993.99	2181.02	4285.80	2104.78
Nov-35	548889.21	2172.69	4285.80	2113.11
Dec-35	546776.10	2164.32	4285.80	2121.48
Jan-36	544654.62	2155.92	4285.80	2129.88
Feb-36	542524.74	2147.49	4285.80	2138.31
Mar-36	540386.44	2139.03	4285.80	2146.77
Apr-36	538239.67	2130.53	4285.80	2155.27
May-36	536084.40	2122.00	4285.80	2163.80
Jun-36	533920.60	2113.44	4285.80	2172.36
Jul-36	531748.24	2104.84	4285.80	2180.96
Aug-36	529567.27	2096.20	4285.80	2189.60
Sep-36	527377.68	2087.54	4285.80	2198.26
Oct-36	525179.41	2078.84	4285.80	2206.96
Nov-36	522972.45	2070.10	4285.80	2215.70
Dec-36	520756.75	2061.33	4285.80	2224.47
Jan-37	518532.28	2052.52	4285.80	2233.28
Feb-37	516299.00	2043.68	4285.80	2242.12
Mar-37	514056.88	2034.81	4285.80	2250.99
Apr-37	511805.89	2025.90	4285.80	2259.90
May-37	509545.99	2016.95	4285.80	2268.85
Jun-37	507277.14	2007.97	4285.80	2277.83
Jul-37	504999.31	1998.96	4285.80	2286.84
Aug-37	502712.47	1989.90	4285.80	2295.90
Sep-37	500416.57	1980.82	4285.80	2304.98
Oct-37	498111.59	1971.69	4285.80	2314.11
Nov-37	495797.48	1962.53	4285.80	2323.27
Dec-37	493474.21	1953.34	4285.80	2332.46
Jan-38	491141.75	1944.10	4285.80	2341.70
Feb-38	488800.05	1934.83	4285.80	2350.97
Mar-38	486449.08	1925.53	4285.80	2360.27
Apr-38	484088.81	1916.18	4285.80	2369.62
May-38	481719.20	1906.81	4285.80	2378.99
Jun-38	479340.20	1897.39	4285.80	2388.41
Jul-38	476951.79	1887.93	4285.80	2397.87
Aug-38	474553.92	1878.44	4285.80	2407.36
Sep-38	472146.57	1868.91	4285.80	2416.89
Oct-38	469729.68	1859.35	4285.80	2426.45
Nov-38	467303.23	1849.74	4285.80	2436.06
Dec-38	464867.17	1840.10	4285.80	2445.70
Jan-39	462421.47	1830.42	4285.80	2455.38
Feb-39	459966.09	1820.70	4285.80	2465.10
Mar-39	457500.99	1810.94	4285.80	2474.86
Apr-39	455026.13	1801.15	4285.80	2484.65
May-39	452541.47	1791.31	4285.80	2494.49
Jun-39	450046.98	1781.44	4285.80	2504.36
Jul-39	447542.62	1771.52	4285.80	2514.28
Aug-39	445028.34	1761.57	4285.80	2524.23
Sep-39	442504.11	1751.58	4285.80	2534.22
Oct-39	439969.89	1741.55	4285.80	2544.25
Nov-39	437425.64	1731.48	4285.80	2554.32
Dec-39	434871.31	1721.37	4285.80	2564.43
Jan-40	432306.88	1711.21	4285.80	2574.59
Feb-40	429732.30	1701.02	4285.80	2584.78
Mar-40	427147.52	1690.79	4285.80	2595.01
Apr-40	424552.51	1680.52	4285.80	2605.28
May-40	421947.23	1670.21	4285.80	2615.59
Jun-40	419331.64	1659.85	4285.80	2625.95
Jul-40	416705.69	1649.46	4285.80	2636.34
Aug-40	414069.35	1639.02	4285.80	2646.78
Sep-40	411422.58	1628.55	4285.80	2657.25
Oct-40	408765.33	1618.03	4285.80	2667.77
Nov-40	406097.56	1607.47	4285.80	2678.33
Dec-40	403419.22	1596.87	4285.80	2688.93
Jan-41	400730.29	1586.22	4285.80	2699.58
Feb-41	398030.72	1575.54	4285.80	2710.26
Mar-41	395320.46	1564.81	4285.80	2720.99
Apr-41	392599.47	1554.04	4285.80	2731.76
May-41	389867.70	1543.23	4285.80	2742.57
Jun-41	387125.13	1532.37	4285.80	2753.43
Jul-41	384371.70	1521.47	4285.80	2764.33
Aug-41	381607.37	1510.53	4285.80	2775.27
Sep-41	378832.10	1499.54	4285.80	2786.26
Oct-41	376045.85	1488.51	4285.80	2797.29
Nov-41	373248.56	1477.44	4285.80	2808.36
Dec-41	370440.20	1466.33	4285.80	2819.47
Jan-42	367620.73	1455.17	4285.80	2830.63
Feb-42	364790.09	1443.96	4285.80	2841.84
Mar-42	361948.25	1432.71	4285.80	2853.09
Apr-42	359095.17	1421.42	4285.80	2864.38
May-42	356230.78	1410.08	4285.80	2875.72
Jun-42	353355.06	1398.70	4285.80	2887.10
Jul-42	350467.96	1387.27	4285.80	2898.53
Aug-42	347569.43	1375.80	4285.80	2910.00
Sep-42	344659.43	1364.28	4285.80	2921.52
Oct-42	341737.90	1352.71	4285.80	2933.09
Nov-42	338804.82	1341.10	4285.80	2944.70
Dec-42	335860.12	1329.45	4285.80	2956.35
Jan-43	332903.76	1317.74	4285.80	2968.06
Feb-43	329935.71	1306.00	4285.80	2979.80
Mar-43	326955.90	1294.20	4285.80	2991.60
Apr-43	323964.30	1282.36	4285.80	3003.44
May-43	320960.86	1270.47	4285.80	3015.33
Jun-43	317945.53	1258.53	4285.80	3027.27
Jul-43	314918.27	1246.55	4285.80	3039.25
Aug-43	311879.02	1234.52	4285.80	3051.28
Sep-43	308827.74	1222.44	4285.80	3063.36
Oct-43	305764.38	1210.32	4285.80	3075.48
Nov-43	302688.90	1198.14	4285.80	3087.66
Dec-43	299601.24	1185.92	4285.80	3099.88
Jan-44	296501.37	1173.65	4285.80	3112.15
Feb-44	293389.22	1161.33	4285.80	3124.47
Mar-44	290264.75	1148.96	4285.80	3136.84
Apr-44	287127.91	1136.55	4285.80	3149.25
May-44	283978.66	1124.08	4285.80	3161.72
Jun-44	280816.94	1111.57	4285.80	3174.23
Jul-44	277642.71	1099.00	4285.80	3186.80
Aug-44	274455.91	1086.39	4285.80	3199.41
Sep-44	271256.50	1073.72	4285.80	3212.08
Oct-44	268044.43	1061.01	4285.80	3224.79
Nov-44	264819.64	1048.24	4285.80	3237.56
Dec-44	261582.08	1035.43	4285.80	3250.37
Jan-45	258331.71	1022.56	4285.80	3263.24
Feb-45	255068.47	1009.65	4285.80	3276.15
Mar-45	251792.32	996.68	4285.80	3289.12
Apr-45	248503.20	983.66	4285.80	3302.14
May-45	245201.05	970.59	4285.80	3315.21
Jun-45	241885.84	957.46	4285.80	3328.34
Jul-45	238557.51	944.29	4285.80	3341.51
Aug-45	235216.00	931.06	4285.80	3354.74
Sep-45	231861.26	917.78	4285.80	3368.02
Oct-45	228493.24	904.45	4285.80	3381.35
Nov-45	225111.90	891.07	4285.80	3394.73
Dec-45	221717.16	877.63	4285.80	3408.17
Jan-46	218308.99	864.14	4285.80	3421.66
Feb-46	214887.33	850.60	4285.80	3435.20
Mar-46	211452.13	837.00	4285.80	3448.80
Apr-46	208003.33	823.35	4285.80	3462.45
May-46	204540.87	809.64	4285.80	3476.16
Jun-46	201064.72	795.88	4285.80	3489.92
Jul-46	197574.80	782.07	4285.80	3503.73
Aug-46	194071.06	768.20	4285.80	3517.60
Sep-46	190553.46	754.27	4285.80	3531.53
Oct-46	187021.94	740.30	4285.80	3545.50
Nov-46	183476.43	726.26	4285.80	3559.54
Dec-46	179916.89	712.17	4285.80	3573.63
Jan-47	176343.26	698.03	4285.80	3587.77
Feb-47	172755.49	683.82	4285.80	3601.98
Mar-47	169153.51	669.57	4285.80	3616.23
Apr-47	165537.28	655.25	4285.80	3630.55
May-47	161906.73	640.88	4285.80	3644.92
Jun-47	158261.81	626.45	4285.80	3659.35
Jul-47	154602.46	611.97	4285.80	3673.83
Aug-47	150928.63	597.43	4285.80	3688.37
Sep-47	147240.26	582.83	4285.80	3702.97
Oct-47	143537.28	568.17	4285.80	3717.63
Nov-47	139819.65	553.45	4285.80	3732.35
Dec-47	136087.30	538.68	4285.80	3747.12
Jan-48	132340.18	523.85	4285.80	3761.95
Feb-48	128578.23	508.96	4285.80	3776.84
Mar-48	124801.39	494.01	4285.80	3791.79
Apr-48	121009.59	479.00	4285.80	3806.80
May-48	117202.79	463.93	4285.80	3821.87
Jun-48	113380.92	448.80	4285.80	3837.00
Jul-48	109543.91	433.61	4285.80	3852.19
Aug-48	105691.73	418.36	4285.80	3867.44
Sep-48	101824.29	403.05	4285.80	3882.75
Oct-48	97941.54	387.69	4285.80	3898.11
Nov-48	94043.43	372.26	4285.80	3913.54
Dec-48	90129.88	356.76	4285.80	3929.04
Jan-49	86200.85	341.21	4285.80	3944.59
Feb-49	82256.26	325.60	4285.80	3960.20
Mar-49	78296.06	309.92	4285.80	3975.88
Apr-49	74320.18	294.18	4285.80	3991.62
May-49	70328.56	278.38	4285.80	4007.42
Jun-49	66321.15	262.52	4285.80	4023.28
Jul-49	62297.87	246.60	4285.80	4039.20
Aug-49	58258.66	230.61	4285.80	4055.19
Sep-49	54203.47	214.56	4285.80	4071.24
Oct-49	50132.23	198.44	4285.80	4087.36
Nov-49	46044.87	182.26	4285.80	4103.54
Dec-49	41941.33	166.02	4285.80	4119.78
Jan-50	37821.55	149.71	4285.80	4136.09
Feb-50	33685.46	133.34	4285.80	4152.46
Mar-50	29532.99	116.90	4285.80	4168.90
Apr-50	25364.10	100.40	4285.80	4185.40
May-50	21178.70	83.83	4285.80	4201.97
Jun-50	16976.73	67.20	4285.80	4218.60
Jul-50	12758.13	50.50	4285.80	4235.30
Aug-50	8522.83	33.74	4285.80	4252.06
Sep-50	4270.76	16.91	4285.80	4268.89