Calculate using formulas (paste into a word document) the amortization year fixed-rate monthly payment mortgage that is fully amortizing. The me loan is 6% and it is a $320,000 loan amount at origination with no
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- 1. Excel: Complete the amortization table provided in the Excel document posted in Ivylearn in the homework area by setting the appropriate values for a $165,000, 30-year mortgage at 4.5% interest and using Excel's autofill (drag) feature to fill in the cells to the end of the mortgage period. Use this to answer the following: a. How much of the first payment goes towards the principal? How much goes toward the interest? b. How much of the last payment goes towards the principal? How much goes toward the interest? c. Find the total interest paid by the end of the mortgage. d. How much will be owed on the mortgage after making payments for 10 years (hint this is 120 months)? e. How much interest has been paid total on the mortgage at the end of 10 years? f. How many months will it take to pay at least half of the principal?Consider that you take out a $250,000, 15-year mortgage with 3.5% interest with monthly payments. Create the amortization schedule. (Show the first 3 payments) Payment # Payment Amount Interest Paid Principal Paid Remaining Balance3. Find the payment necessary to amortize the following loans using the amortization table, and round to the nearest cent if needed. Amount of Loan: $12000 Interest Rate: 6% Payments Made: semiannually Number of Years: 8
- Find the payment necessary to amortize a 5.5% loan of $7700 compounded semiannually, with 6 semiannual payments. Find (a) the payment necessary to amortize the loan and (b) the total payments and the total amount of interest paid based on the calculated semiannual payments. Then create an amortization table to find (C) the total payments and total amount of interest paid based upon the amortization table. a. The semiannual payment needed to amortize this loan is $ (Round to the nearest cent as needed.) b. The total amount of the payments is $ (Round to the nearest cent as needed.) The total amount of interest paid is $ (Round to the nearest cent as needed.) c. The total payment for this loan from the amortization table is $ %24 The total interest from the amortization table is $The following loan is a simple interest amortized loan with monthly payments. (Round your answers to the nearest cent.) $7000, 0.085, 4 years (a) find the monthly payment (b) find the total interestWatch the video and then use the table to complete parts (a) through (e) below. Click here to watch the video. Find the regular monthly payment necessary to amortize a $240,000 loan at 5.5% annual interest for 30 years, first by using the table provided, and then by using the given formula. ▪▪▪ Monthly Payments to Repay Principal and Interest on a $1000 Mortgage Annual rate (r) Term of Mortgage (Years) (t) 20 25 30 4.0% $6.05980 $5.27837 $4.77415 4.5% $6.32649 $5.55832 $5.06685 5.0% $6.59956 $5.84590 $5.36822 5.5% $6.87887 $6.14087 $5.67789 (a) Use the table along with the interest rate and the term of the mortgage to find the monthly payment per thousand dollars of principal. S per month
- 4 (5) Assume a 30-year mortgage loan for $250,000 for 30 years at an annual rate of 6%. What would be your fixed annual and monthly payments? Enter the inputs into the appropriate cells 5 in column B and set this up so that your answers are displayed as positive values. Round all values to two places after the decimal point. 6 (6) For the loan in #5 , prepare the first two monthly payment rows of the amortization table. 7 8 LOAN AMOUNT 9 TERM OF LOAN N YEARS 10 ANNUAL INTEREST RATE 11 TERM OF LOAN IN MONTHS 12 MONTHLY INTEREST RATE 13 FIXED LOAN PAYMENT (ANNUAL) 14 FIXED LOAN PAYMENT (MONTHLY) 15 16 17 18 19 20 21 22 AMORTIZATION TABLE PAYMENT 1 2 BEGINNING BALANCE FIXED PAYMENT INTEREST PRINCIPAL ENDING BALANCEA fully amortizing CAM loan is made for $132,000 at 6 percent interest for 20 years. Required: a. What will be the payments and balances for the first six months? b. What would payments be for a CPM loan? c. If both loans were repaid at the end of year 5, would the lender earn a higher rate of interest on either loan? Complete this question by entering your answers in the tabs below. Required A Required B Required C What will be the payments and balances for the first six months? (Round your intermediate calculations and final answers to the 2 decimal places.) Month 1 Month 2 Month 3 Total Payment End BalanceUsing a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? _____ (b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) _____$ (c) If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?
- Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 an annual interest rate of 4.29%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) tf the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change? Yes NoThe following loan is a simple interest amortized loan with monthly payments. $5000, 7 1/2%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.)Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)Total interest $Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $120,000 20-year - nt 1- fixed-rate mortgage at 4%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. ..... a. The monthly payment is $ 727.18 . (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ . (Use the answer from part a to find this answer. Round to the nearest cent as needed.)