Question

. 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

Answer 1

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