Question

In: Accounting

. A mortgage of $206,500 has an interest rate of 6% for 30 years. (If you...

. A mortgage of $206,500 has an interest rate of 6% for 30 years. (If you wish to use the formula instead of a mortgage table, note that this is 30 years of 12 monthly payments per year). Find the monthly principal and interest payment

Solutions

Expert Solution

Balance 206500
Interest Rate 0.005
Period 360
Monthly Payment ($1,238.07)
Month Installment Principal Interest Balance
1 1238.07 205.57 1032.50 206294.43
2 1238.07 206.60 1031.47 206087.83
3 1238.07 207.63 1030.44 205880.20
4 1238.07 208.67 1029.40 205671.53
5 1238.07 209.71 1028.36 205461.82
6 1238.07 210.76 1027.31 205251.06
7 1238.07 211.81 1026.26 205039.24
8 1238.07 212.87 1025.20 204826.37
9 1238.07 213.94 1024.13 204612.43
10 1238.07 215.01 1023.06 204397.42
11 1238.07 216.08 1021.99 204181.34
12 1238.07 217.16 1020.91 203964.18
13 1238.07 218.25 1019.82 203745.93
14 1238.07 219.34 1018.73 203526.59
15 1238.07 220.44 1017.63 203306.15
16 1238.07 221.54 1016.53 203084.61
17 1238.07 222.65 1015.42 202861.97
18 1238.07 223.76 1014.31 202638.21
19 1238.07 224.88 1013.19 202413.33
20 1238.07 226.00 1012.07 202187.32
21 1238.07 227.13 1010.94 201960.19
22 1238.07 228.27 1009.80 201731.92
23 1238.07 229.41 1008.66 201502.51
24 1238.07 230.56 1007.51 201271.95
25 1238.07 231.71 1006.36 201040.24
26 1238.07 232.87 1005.20 200807.37
27 1238.07 234.03 1004.04 200573.34
28 1238.07 235.20 1002.87 200338.14
29 1238.07 236.38 1001.69 200101.76
30 1238.07 237.56 1000.51 199864.20
31 1238.07 238.75 999.32 199625.45
32 1238.07 239.94 998.13 199385.51
33 1238.07 241.14 996.93 199144.36
34 1238.07 242.35 995.72 198902.01
35 1238.07 243.56 994.51 198658.45
36 1238.07 244.78 993.29 198413.68
37 1238.07 246.00 992.07 198167.68
38 1238.07 247.23 990.84 197920.44
39 1238.07 248.47 989.60 197671.98
40 1238.07 249.71 988.36 197422.27
41 1238.07 250.96 987.11 197171.31
42 1238.07 252.21 985.86 196919.09
43 1238.07 253.47 984.60 196665.62
44 1238.07 254.74 983.33 196410.88
45 1238.07 256.02 982.05 196154.86
46 1238.07 257.30 980.77 195897.57
47 1238.07 258.58 979.49 195638.98
48 1238.07 259.88 978.19 195379.11
49 1238.07 261.17 976.90 195117.93
50 1238.07 262.48 975.59 194855.45
51 1238.07 263.79 974.28 194591.66
52 1238.07 265.11 972.96 194326.55
53 1238.07 266.44 971.63 194060.11
54 1238.07 267.77 970.30 193792.34
55 1238.07 269.11 968.96 193523.23
56 1238.07 270.45 967.62 193252.78
57 1238.07 271.81 966.26 192980.97
58 1238.07 273.17 964.90 192707.81
59 1238.07 274.53 963.54 192433.28
60 1238.07 275.90 962.17 192157.37
61 1238.07 277.28 960.79 191880.09
62 1238.07 278.67 959.40 191601.42
63 1238.07 280.06 958.01 191321.36
64 1238.07 281.46 956.61 191039.90
65 1238.07 282.87 955.20 190757.03
66 1238.07 284.28 953.79 190472.74
67 1238.07 285.71 952.36 190187.03
68 1238.07 287.13 950.94 189899.90
69 1238.07 288.57 949.50 189611.33
70 1238.07 290.01 948.06 189321.32
71 1238.07 291.46 946.61 189029.85
72 1238.07 292.92 945.15 188736.93
73 1238.07 294.39 943.68 188442.55
74 1238.07 295.86 942.21 188146.69
75 1238.07 297.34 940.73 187849.35
76 1238.07 298.82 939.25 187550.53
77 1238.07 300.32 937.75 187250.21
78 1238.07 301.82 936.25 186948.39
79 1238.07 303.33 934.74 186645.06
80 1238.07 304.84 933.23 186340.22
81 1238.07 306.37 931.70 186033.85
82 1238.07 307.90 930.17 185725.95
83 1238.07 309.44 928.63 185416.51
84 1238.07 310.99 927.08 185105.52
85 1238.07 312.54 925.53 184792.98
86 1238.07 314.11 923.96 184478.88
87 1238.07 315.68 922.39 184163.20
88 1238.07 317.25 920.82 183845.95
89 1238.07 318.84 919.23 183527.11
90 1238.07 320.43 917.64 183206.67
91 1238.07 322.04 916.03 182884.63
92 1238.07 323.65 914.42 182560.99
93 1238.07 325.27 912.80 182235.72
94 1238.07 326.89 911.18 181908.83
95 1238.07 328.53 909.54 181580.31
96 1238.07 330.17 907.90 181250.14
97 1238.07 331.82 906.25 180918.32
98 1238.07 333.48 904.59 180584.84
99 1238.07 335.15 902.92 180249.69
100 1238.07 336.82 901.25 179912.87
101 1238.07 338.51 899.56 179574.37
102 1238.07 340.20 897.87 179234.17
103 1238.07 341.90 896.17 178892.27
104 1238.07 343.61 894.46 178548.66
105 1238.07 345.33 892.74 178203.33
106 1238.07 347.05 891.02 177856.28
107 1238.07 348.79 889.28 177507.49
108 1238.07 350.53 887.54 177156.96
109 1238.07 352.29 885.78 176804.67
110 1238.07 354.05 884.02 176450.63
111 1238.07 355.82 882.25 176094.81
112 1238.07 357.60 880.47 175737.21
113 1238.07 359.38 878.69 175377.83
114 1238.07 361.18 876.89 175016.65
115 1238.07 362.99 875.08 174653.66
116 1238.07 364.80 873.27 174288.86
117 1238.07 366.63 871.44 173922.24
118 1238.07 368.46 869.61 173553.78
119 1238.07 370.30 867.77 173183.48
120 1238.07 372.15 865.92 172811.32
121 1238.07 374.01 864.06 172437.31
122 1238.07 375.88 862.19 172061.43
123 1238.07 377.76 860.31 171683.66
124 1238.07 379.65 858.42 171304.01
125 1238.07 381.55 856.52 170922.46
126 1238.07 383.46 854.61 170539.00
127 1238.07 385.37 852.70 170153.63
128 1238.07 387.30 850.77 169766.33
129 1238.07 389.24 848.83 169377.09
130 1238.07 391.18 846.89 168985.90
131 1238.07 393.14 844.93 168592.76
132 1238.07 395.11 842.96 168197.66
133 1238.07 397.08 840.99 167800.58
134 1238.07 399.07 839.00 167401.51
135 1238.07 401.06 837.01 167000.45
136 1238.07 403.07 835.00 166597.38
137 1238.07 405.08 832.99 166192.30
138 1238.07 407.11 830.96 165785.19
139 1238.07 409.14 828.93 165376.04
140 1238.07 411.19 826.88 164964.85
141 1238.07 413.25 824.82 164551.61
142 1238.07 415.31 822.76 164136.29
143 1238.07 417.39 820.68 163718.91
144 1238.07 419.48 818.59 163299.43
145 1238.07 421.57 816.50 162877.86
146 1238.07 423.68 814.39 162454.18
147 1238.07 425.80 812.27 162028.38
148 1238.07 427.93 810.14 161600.45
149 1238.07 430.07 808.00 161170.38
150 1238.07 432.22 805.85 160738.16
151 1238.07 434.38 803.69 160303.79
152 1238.07 436.55 801.52 159867.23
153 1238.07 438.73 799.34 159428.50
154 1238.07 440.93 797.14 158987.57
155 1238.07 443.13 794.94 158544.44
156 1238.07 445.35 792.72 158099.09
157 1238.07 447.57 790.50 157651.52
158 1238.07 449.81 788.26 157201.71
159 1238.07 452.06 786.01 156749.64
160 1238.07 454.32 783.75 156295.32
161 1238.07 456.59 781.48 155838.73
162 1238.07 458.88 779.19 155379.85
163 1238.07 461.17 776.90 154918.68
164 1238.07 463.48 774.59 154455.21
165 1238.07 465.79 772.28 153989.41
166 1238.07 468.12 769.95 153521.29
167 1238.07 470.46 767.61 153050.83
168 1238.07 472.82 765.25 152578.01
169 1238.07 475.18 762.89 152102.83
170 1238.07 477.56 760.51 151625.27
171 1238.07 479.94 758.13 151145.33
172 1238.07 482.34 755.73 150662.99
173 1238.07 484.76 753.31 150178.23
174 1238.07 487.18 750.89 149691.05
175 1238.07 489.61 748.46 149201.44
176 1238.07 492.06 746.01 148709.37
177 1238.07 494.52 743.55 148214.85
178 1238.07 497.00 741.07 147717.86
179 1238.07 499.48 738.59 147218.38
180 1238.07 501.98 736.09 146716.40
181 1238.07 504.49 733.58 146211.91
182 1238.07 507.01 731.06 145704.90
183 1238.07 509.55 728.52 145195.35
184 1238.07 512.09 725.98 144683.26
185 1238.07 514.65 723.42 144168.61
186 1238.07 517.23 720.84 143651.38
187 1238.07 519.81 718.26 143131.57
188 1238.07 522.41 715.66 142609.15
189 1238.07 525.02 713.05 142084.13
190 1238.07 527.65 710.42 141556.48
191 1238.07 530.29 707.78 141026.19
192 1238.07 532.94 705.13 140493.25
193 1238.07 535.60 702.47 139957.65
194 1238.07 538.28 699.79 139419.37
195 1238.07 540.97 697.10 138878.40
196 1238.07 543.68 694.39 138334.72
197 1238.07 546.40 691.67 137788.32
198 1238.07 549.13 688.94 137239.19
199 1238.07 551.87 686.20 136687.32
200 1238.07 554.63 683.44 136132.69
201 1238.07 557.41 680.66 135575.28
202 1238.07 560.19 677.88 135015.08
203 1238.07 562.99 675.08 134452.09
204 1238.07 565.81 672.26 133886.28
205 1238.07 568.64 669.43 133317.64
206 1238.07 571.48 666.59 132746.16
207 1238.07 574.34 663.73 132171.82
208 1238.07 577.21 660.86 131594.61
209 1238.07 580.10 657.97 131014.51
210 1238.07 583.00 655.07 130431.52
211 1238.07 585.91 652.16 129845.60
212 1238.07 588.84 649.23 129256.76
213 1238.07 591.79 646.28 128664.98
214 1238.07 594.75 643.32 128070.23
215 1238.07 597.72 640.35 127472.51
216 1238.07 600.71 637.36 126871.80
217 1238.07 603.71 634.36 126268.09
218 1238.07 606.73 631.34 125661.36
219 1238.07 609.76 628.31 125051.60
220 1238.07 612.81 625.26 124438.79
221 1238.07 615.88 622.19 123822.91
222 1238.07 618.96 619.11 123203.96
223 1238.07 622.05 616.02 122581.91
224 1238.07 625.16 612.91 121956.75
225 1238.07 628.29 609.78 121328.46
226 1238.07 631.43 606.64 120697.03
227 1238.07 634.58 603.49 120062.45
228 1238.07 637.76 600.31 119424.69
229 1238.07 640.95 597.12 118783.74
230 1238.07 644.15 593.92 118139.59
231 1238.07 647.37 590.70 117492.22
232 1238.07 650.61 587.46 116841.61
233 1238.07 653.86 584.21 116187.75
234 1238.07 657.13 580.94 115530.62
235 1238.07 660.42 577.65 114870.20
236 1238.07 663.72 574.35 114206.48
237 1238.07 667.04 571.03 113539.44
238 1238.07 670.37 567.70 112869.07
239 1238.07 673.72 564.35 112195.35
240 1238.07 677.09 560.98 111518.25
241 1238.07 680.48 557.59 110837.77
242 1238.07 683.88 554.19 110153.89
243 1238.07 687.30 550.77 109466.59
244 1238.07 690.74 547.33 108775.86
245 1238.07 694.19 543.88 108081.67
246 1238.07 697.66 540.41 107384.00
247 1238.07 701.15 536.92 106682.85
248 1238.07 704.66 533.41 105978.20
249 1238.07 708.18 529.89 105270.02
250 1238.07 711.72 526.35 104558.30
251 1238.07 715.28 522.79 103843.02
252 1238.07 718.85 519.22 103124.17
253 1238.07 722.45 515.62 102401.72
254 1238.07 726.06 512.01 101675.65
255 1238.07 729.69 508.38 100945.96
256 1238.07 733.34 504.73 100212.62
257 1238.07 737.01 501.06 99475.62
258 1238.07 740.69 497.38 98734.92
259 1238.07 744.40 493.67 97990.53
260 1238.07 748.12 489.95 97242.41
261 1238.07 751.86 486.21 96490.55
262 1238.07 755.62 482.45 95734.94
263 1238.07 759.40 478.67 94975.54
264 1238.07 763.19 474.88 94212.35
265 1238.07 767.01 471.06 93445.34
266 1238.07 770.84 467.23 92674.50
267 1238.07 774.70 463.37 91899.80
268 1238.07 778.57 459.50 91121.23
269 1238.07 782.46 455.61 90338.76
270 1238.07 786.38 451.69 89552.39
271 1238.07 790.31 447.76 88762.08
272 1238.07 794.26 443.81 87967.82
273 1238.07 798.23 439.84 87169.59
274 1238.07 802.22 435.85 86367.37
275 1238.07 806.23 431.84 85561.13
276 1238.07 810.26 427.81 84750.87
277 1238.07 814.32 423.75 83936.55
278 1238.07 818.39 419.68 83118.17
279 1238.07 822.48 415.59 82295.69
280 1238.07 826.59 411.48 81469.10
281 1238.07 830.72 407.35 80638.37
282 1238.07 834.88 403.19 79803.49
283 1238.07 839.05 399.02 78964.44
284 1238.07 843.25 394.82 78121.19
285 1238.07 847.46 390.61 77273.73
286 1238.07 851.70 386.37 76422.03
287 1238.07 855.96 382.11 75566.07
288 1238.07 860.24 377.83 74705.83
289 1238.07 864.54 373.53 73841.29
290 1238.07 868.86 369.21 72972.42
291 1238.07 873.21 364.86 72099.22
292 1238.07 877.57 360.50 71221.64
293 1238.07 881.96 356.11 70339.68
294 1238.07 886.37 351.70 69453.31
295 1238.07 890.80 347.27 68562.51
296 1238.07 895.26 342.81 67667.25
297 1238.07 899.73 338.34 66767.51
298 1238.07 904.23 333.84 65863.28
299 1238.07 908.75 329.32 64954.53
300 1238.07 913.30 324.77 64041.23
301 1238.07 917.86 320.21 63123.37
302 1238.07 922.45 315.62 62200.91
303 1238.07 927.07 311.00 61273.85
304 1238.07 931.70 306.37 60342.15
305 1238.07 936.36 301.71 59405.79
306 1238.07 941.04 297.03 58464.75
307 1238.07 945.75 292.32 57519.00
308 1238.07 950.47 287.60 56568.53
309 1238.07 955.23 282.84 55613.30
310 1238.07 960.00 278.07 54653.30
311 1238.07 964.80 273.27 53688.49
312 1238.07 969.63 268.44 52718.86
313 1238.07 974.48 263.59 51744.39
314 1238.07 979.35 258.72 50765.04
315 1238.07 984.24 253.83 49780.80
316 1238.07 989.17 248.90 48791.63
317 1238.07 994.11 243.96 47797.52
318 1238.07 999.08 238.99 46798.44
319 1238.07 1004.08 233.99 45794.36
320 1238.07 1009.10 228.97 44785.26
321 1238.07 1014.14 223.93 43771.12
322 1238.07 1019.21 218.86 42751.90
323 1238.07 1024.31 213.76 41727.59
324 1238.07 1029.43 208.64 40698.16
325 1238.07 1034.58 203.49 39663.58
326 1238.07 1039.75 198.32 38623.83
327 1238.07 1044.95 193.12 37578.88
328 1238.07 1050.18 187.89 36528.70
329 1238.07 1055.43 182.64 35473.27
330 1238.07 1060.70 177.37 34412.57
331 1238.07 1066.01 172.06 33346.56
332 1238.07 1071.34 166.73 32275.23
333 1238.07 1076.69 161.38 31198.53
334 1238.07 1082.08 155.99 30116.46
335 1238.07 1087.49 150.58 29028.97
336 1238.07 1092.93 145.14 27936.04
337 1238.07 1098.39 139.68 26837.65
338 1238.07 1103.88 134.19 25733.77
339 1238.07 1109.40 128.67 24624.37
340 1238.07 1114.95 123.12 23509.42
341 1238.07 1120.52 117.55 22388.90
342 1238.07 1126.13 111.94 21262.77
343 1238.07 1131.76 106.31 20131.02
344 1238.07 1137.41 100.66 18993.60
345 1238.07 1143.10 94.97 17850.50
346 1238.07 1148.82 89.25 16701.68
347 1238.07 1154.56 83.51 15547.12
348 1238.07 1160.33 77.74 14386.79
349 1238.07 1166.14 71.93 13220.65
350 1238.07 1171.97 66.10 12048.68
351 1238.07 1177.83 60.24 10870.86
352 1238.07 1183.72 54.35 9687.14
353 1238.07 1189.63 48.44 8497.51
354 1238.07 1195.58 42.49 7301.93
355 1238.07 1201.56 36.51 6100.36
356 1238.07 1207.57 30.50 4892.80
357 1238.07 1213.61 24.46 3679.19
358 1238.07 1219.67 18.40 2459.52
359 1238.07 1225.77 12.30 1233.74
360 1238.07 1231.90 6.17 1.84

ekkarill92 answered 1 year ago
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