- 8 Points 4 Find The First Month Of The Amortization Schedule For A Fixed Rate Mortgage If The Loan Amount Is 400 00 1 (393.31 KiB) Viewed 39 times
(8 points) 4.) Find the first month of the amortization schedule for a fixed-rate mortgage if the loan amount is $400,000 with an interest rate of 3.5% on a 20-year loan. All work must be shown. Annual rate, r 2.0% $ 17.52776 2.5% $ 17.74736 3.0% $ 17.96869 3.5% $ 18.19174 4.0% $18.41652 4.5% $18.64302 5.0% $18.87123 5.5% $ 19.10116 6.0% $19.33280 6.5% $ 19.56615 7.0% $ 19.80120 7.5% $ 20.03795 8.0% $ 20.27639 8.5% $ 20.51653 9.0% $20.75836 9.5% $ 21.00186 10.0% $ 21.24704 10.5% $ 21.49390 11.0% $ 21.74242 5 $9.20135 $ 9.42699 $ 9.65607 $9.88859 $10.12451 $10.36384 $10.60655 $10.85263 $11.10205 $11.35480 $11.61085 $11.87018 $12.13276 $12.39857 $12.66758 $12.93976 $13.21507 $13.49350 $13.77500 10 (b) Interest payment: (d) Balance of principal Terms of Mortgage (in years), t 15 20 $ 6.43509 $ 6.66789 $6.90582 25 30 (a) Total payment: (use the table above or the payment formula) $3.69619 $3.02826 $3.95121 $3.29778 $4.21604 $3.57984 $4.49045 $3.87391 $4.77415 $4.17938 $5.06685 $4.49563 $4.82197 $5.15770 $5.50214 $5.85457 $6.21431 $6.58071 $6.95312 $7.33094 $7.71361 $8.10062 $8.49146 $8.88570 $9.28294 $5.05883 $4.23854 $5.29903 $4.48617 $5.54598 $4.74211 $5.00624 $5.27837 $7.14883 $ 7.39688 $ 7.64993 $7.90794 $ 5.79960 $ 6.05980 $ 6.32649 $6.59956 $6.87887 $5.55832 $5.84590 $5.36822 $8.17083 $6.14087 $5.67789 $ 8.43857 $ 7.16431 $ 8.71107 $ 7.45573 $ 8.98828 $ 7.75299 $ 9.27012 $ 8.05593 $ 9.55652 $ 8.36440 $9.84740 $ 8.67823 $10.14267 $ 8.99726 $9.32131 $10.44225 $10.74605 $ 9.65022 $11.05399 $9.98380 $11.36597 $10.32188 $6.44301 $5.99551 $6.75207 $6.32068 $7.06779 $6.65302 $7.38991 $6.99215 $7.71816 $7.33765 $8.05227 $7.68913 $8.39196 $8.04623 $8.73697 $8.40854 $9.08701 $8.77572 $9.44182 $9.14739 $9.80113 $9.52323 40 (c) Principal payment