Question

You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8 percent. You will make a down payment of 10 percent of the purchase price.

a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Monthly payment $
b. Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
Amortization Schedule for first 6 payments (months)
Month Beginning Loan Balance Payment Interest Principal Ending Loan
Balance
1 $ $ $ $ $
2
3
4
5
6

Answer 1

answer will be abcd yeah

Answer 2

a. The monthly payments are:

= $1,584.93

b. Amortization Schedule for the first six payments:

Month Beginning Balance Interest Principal Ending Balance

1 $216,000.00 $17,214.79 $1,804.37 $214,195.61

2 $214,195.61 $17,065.03 $1,954.13 $212,241.46

3 $212,241.46 $16,902.82 $2,116.34 $210,125.12

4 $210,125.12 $16,727.19 $2,291.97 $207,833.12

5 $207,833.12 $16,536.94 $2,482.22 $205,350.89

6 $205,350.89 $16,330.93 $2,688.23 $202,662.63

Step-by-step explanation:

a) Data and Calculations:

Monthly Pay: $1,584.93

Monthly Total

Mortgage Payment $1,584.93 $570,575.33

House Price = $240,000.00

Loan Amount = $216,000.00

Down Payment = $24,000.00 ($240,000 * 10%)

Total of 360 Mortgage Payments $570,575.33

Total Interest $354,575.33

Mortgage Payoff Period = 360 (12 * 30 years) months