1. You have purchased a home for $150,000. Fortunately, you were able to make a down payment of $15,000, but took out a 30-year mortgage for the $135,000 balance. The note payments are $1,388.63 per month at 12% annual interest.
A. Prepare the amortization schedule for the first 12 months of payments and give a subtotal for the amounts of cash payments, interest payments, and principal payments for these 12 months.
B. Calculate the total amount of interest that will be paid over the life of this loan.
C. Calculate the total dollar cost of this home over the 30 years.
2. Assume the same facts and requirements as in #4 above, except that the mortgage is a 15-year mortgage and the amount of monthly loan payments is $1,620.23.
2007-04-22 08:07:16 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
This is certainly an assignment and belongs in homework, where people are adept at helping you figure out how to do your assignments. Hopefully even there, they don't just give you the answer.
2007-04-22 08:12:02 · answer #1 · answered by Still reading 6 · 0⤊ 0⤋
Search for "mortgage calculator". Every hit you get should be able to supply the answers you want in less time than it took you to type the question.
2007-04-22 16:31:10 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
You need an ALOC - or Advanced Line Of Credit. Google it and read up on it. You will be astounded at the results!
2007-04-22 15:30:43 · answer #3 · answered by mphsblue 3 · 0⤊ 1⤋
Excel will do the complete amortization table for you!
2007-04-22 15:20:04 · answer #4 · answered by Anonymous · 2⤊ 0⤋