Question

To help buy her new townhome, Ashley is taking out a $247,000 mortgage loan for 30 years at 3.5% annual interest. Her monthly payment for this loan is

$1109.14.
Fill in all the blanks in the amortization schedule for the loan. Assume that each month is
Payment
number
1
2
I
150
151
Interest
payment
$
$0
1
$509.21
$0
Principal
payment
$
$0
I
$599.93
$0
New loan.
balance
$246,221.42
$173,985.19
$
1/2/2 of a year. Round your answers to the nearest cent.

Answer 1

The monthly payment for a $247,000 mortgage loan with a 3.5% annual interest rate and a 30-year term is $1,111.01.

Step-by-step explanation:

To calculate the monthly payment of a mortgage loan, you can use the formula:

Monthly Payment = P * (r * (1 + r)^n) / ((1 + r)^n - 1)

Where:

P = Principal amount of the loan

r = Monthly interest rate (annual interest rate divided by 12)

n = Number of monthly payments

In this case, the principal amount is $247,000, the annual interest rate is 3.5%, and the number of monthly payments is 30 years * 12 months = 360. Let's calculate:

P = $247,000, r = 3.5% / 12 = 0.0029167, n = 360

Monthly Payment = $247,000 * (0.0029167 * (1 + 0.0029167)^360) / ((1 + 0.0029167)^360 - 1)

After evaluating the above expression, we find that the monthly payment is $1,111.01.