Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $407,550 5.25% 35 $2122.29 Month Monthly payment Interest Principal End-of-month principal 1 $2122.29 $enter your response here $enter your response here $enter your response here 2 $2122.29 $enter your response here $enter your response here $enter your response here
Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $407,550 5.25% 35 $2122.29 Month Monthly payment Interest Principal End-of-month principal 1 $2122.29 $enter your response here $enter your response here $enter your response here 2 $2122.29 $enter your response here $enter your response here $enter your response here
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 5FPE
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Question
Make an amortization table to show the first two payments for the mortgage.
Amount of mortgage
|
Annual interest rate
|
Years in mortgage
|
Monthly payment
|
---|---|---|---|
$407,550
|
5.25%
|
35
|
$2122.29
|
Month
|
Monthly payment
|
Interest
|
Principal
|
End-of-month principal
|
---|---|---|---|---|
1
|
$2122.29
|
$enter your response here
|
$enter your response here
|
$enter your response here
|
2
|
$2122.29
|
$enter your response here
|
$enter your response here
|
$enter your response here
|
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