Amortization Quiz Use your Amortization Tables that you did as a project to answer the questions in the Quiz! Item at position 1 If you were to take out a 15-year loan for $300,000 at 5% annual interest. . . what would the monthly payment be? $2891 $2237 $2456 $2372 Item at position 2 If you were to take out a 20-year loan at 4.5%, and you could afford to pay $1400 per month, how much could you borrow? $246,882 $187,985 $221,292 $231,873 Item at position 3 How much interest would you pay on a $150,000 loan financed for 30 years at 5.5% interest? $165,702 $123,132 $156,606 $101,101 Item at position 4 You are considering a 20 year loan versus a 30 year loan. Both are at 4.5%. If you are borrowing $170,000, what is the difference in the monthly payment? $214 $179 $312 $402 Item at position 5 You are considering the same loan. . . a 20 vs 30 yr loan for $170,000 at 4.5%. You just calculated how much lower the 30-year monthly payment is compared to the 20 year. . . but how much more interest will you pay over the life of the loan if you go with the 30 year option? $32,451 $18,909 $26,340 $51,970 Armotization Table Day Zero End of Month 1 End of Month 2 End of Month 3 End of Month 4 End of Month 5 End of Month 6 End of Month 7 End of Month 8 End of Month 9 End of Month 10 End of Month 11 End of Month 12 End of Month 13 End of Month 14 End of Month 15 End of Month 16 End of Month 17 End of Month 18 End of Month 19 End of Month 20 End of Month 21 End of Month 22 End of Month 23 End of Month 24 End of Month 25 End of Month 26 End of Month 27 End of Month 28 End of Month 29 End of Month 30 End of Month 31 End of Month 32 End of Month 33 End of Month 34 End of Month 35 End of Month 36 End of Month 37 End of Month 38 End of Month 39 End of Month 40 End of Month 41 End of Month 42 Remaining Principal $100,000.00 $99,625.87 $99,250.19 $98,872.94 $98,494.11 $98,113.71 $97,731.72 $97,348.15 $96,962.97 $96,576.19 $96,187.80 $95,797.79 $95,406.15 $95,012.88 $94,617.97 $94,221.42 $93,823.22 $93,423.35 $93,021.82 $92,618.62 $92,213.74 $91,807.17 $91,398.91 $90,988.94 $90,577.27 $90,163.88 $89,748.77 $89,331.93 $88,913.35 $88,493.03 $88,070.96 $87,647.13 $87,221.53 $86,794.16 $86,365.01 $85,934.07 $85,501.33 $85,066.79 $84,630.45 $84,192.28 $83,752.29 $83,310.46 $82,866.79 Monthly Payment $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 Principal paid $374.13 $375.69 $377.25 $378.82 $380.40 $381.99 $383.58 $385.18 $386.78 $388.39 $390.01 $391.64 $393.27 $394.91 $396.55 $398.20 $399.86 $401.53 $403.20 $404.88 $406.57 $408.26 $409.96 $411.67 $413.39 $415.11 $416.84 $418.58 $420.32 $422.07 $423.83 $425.60 $427.37 $429.15 $430.94 $432.74 $434.54 $436.35 $438.17 $439.99 $441.83 $443.67 Interest Paid $416.67 $415.11 $413.54 $411.97 $410.39 $408.81 $407.22 $405.62 $404.01 $402.40 $400.78 $399.16 $397.53 $395.89 $394.24 $392.59 $390.93 $389.26 $387.59 $385.91 $384.22 $382.53 $380.83 $379.12 $377.41 $375.68 $373.95 $372.22 $370.47 $368.72 $366.96 $365.20 $363.42 $361.64 $359.85 $358.06 $356.26 $354.44 $352.63 $350.80 $348.97 $347.13 Rate 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% End of Month 43 End of Month 44 End of Month 45 End of Month 46 End of Month 47 End of Month 48 End of Month 49 End of Month 50 End of Month 51 End of Month 52 End of Month 53 End of Month 54 End of Month 55 End of Month 56 End of Month 57 End of Month 58 End of Month 59 End of Month 60 End of Month 61 End of Month 62 End of Month 63 End of Month 64 End of Month 65 End of Month 66 End of Month 67 End of Month 68 End of Month 69 End of Month 70 End of Month 71 End of Month 72 End of Month 73 End of Month 74 End of Month 75 End of Month 76 End of Month 77 End of Month 78 End of Month 79 End of Month 80 End of Month 81 End of Month 82 End of Month 83 End of Month 84 End of Month 85 End of Month 86 End of Month 87 End of Month 88 End of Month 89 $82,421.28 $81,973.91 $81,524.67 $81,073.56 $80,620.58 $80,165.70 $79,708.93 $79,250.26 $78,789.68 $78,327.17 $77,862.74 $77,396.38 $76,928.07 $76,457.81 $75,985.59 $75,511.40 $75,035.24 $74,557.09 $74,076.95 $73,594.81 $73,110.66 $72,624.50 $72,136.31 $71,646.08 $71,153.81 $70,659.49 $70,163.11 $69,664.67 $69,164.14 $68,661.53 $68,156.83 $67,650.02 $67,141.10 $66,630.06 $66,116.90 $65,601.59 $65,084.14 $64,564.53 $64,042.75 $63,518.80 $62,992.67 $62,464.35 $61,933.82 $61,401.08 $60,866.13 $60,328.94 $59,789.52 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $445.52 $447.37 $449.24 $451.11 $452.99 $454.87 $456.77 $458.67 $460.58 $462.50 $464.43 $466.37 $468.31 $470.26 $472.22 $474.19 $476.16 $478.15 $480.14 $482.14 $484.15 $486.17 $488.19 $490.23 $492.27 $494.32 $496.38 $498.45 $500.52 $502.61 $504.70 $506.81 $508.92 $511.04 $513.17 $515.31 $517.45 $519.61 $521.77 $523.95 $526.13 $528.32 $530.53 $532.74 $534.96 $537.18 $539.42 $345.28 $343.42 $341.56 $339.69 $337.81 $335.92 $334.02 $332.12 $330.21 $328.29 $326.36 $324.43 $322.48 $320.53 $318.57 $316.61 $314.63 $312.65 $310.65 $308.65 $306.65 $304.63 $302.60 $300.57 $298.53 $296.47 $294.41 $292.35 $290.27 $288.18 $286.09 $283.99 $281.88 $279.75 $277.63 $275.49 $273.34 $271.18 $269.02 $266.84 $264.66 $262.47 $260.27 $258.06 $255.84 $253.61 $251.37 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% End of Month 90 End of Month 91 End of Month 92 End of Month 93 End of Month 94 End of Month 95 End of Month 96 End of Month 97 End of Month 98 End of Month 99 End of Month 100 End of Month 101 End of Month 102 End of Month 103 End of Month 104 End of Month 105 End of Month 106 End of Month 107 End of Month 108 End of Month 109 End of Month 110 End of Month 111 End of Month 112 End of Month 113 End of Month 114 End of Month 115 End of Month 116 End of Month 117 End of Month 118 End of Month 119 End of Month 120 End of Month 121 End of Month 122 End of Month 123 End of Month 124 End of Month 125 End of Month 126 End of Month 127 End of Month 128 End of Month 129 End of Month 130 End of Month 131 End of Month 132 End of Month 133 End of Month 134 End of Month 135 End of Month 136 $59,247.85 $58,703.92 $58,157.73 $57,609.26 $57,058.50 $56,505.45 $55,950.10 $55,392.43 $54,832.44 $54,270.11 $53,705.45 $53,138.43 $52,569.04 $51,997.29 $51,423.15 $50,846.62 $50,267.68 $49,686.34 $49,102.57 $48,516.37 $47,927.73 $47,336.64 $46,743.08 $46,147.05 $45,548.53 $44,947.53 $44,344.01 $43,737.99 $43,129.43 $42,518.35 $41,904.71 $41,288.52 $40,669.76 $40,048.43 $39,424.50 $38,797.98 $38,168.84 $37,537.09 $36,902.70 $36,265.66 $35,625.98 $34,983.63 $34,338.60 $33,690.88 $33,040.47 $32,387.34 $31,731.49 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $541.67 $543.93 $546.19 $548.47 $550.76 $553.05 $555.35 $557.67 $559.99 $562.33 $564.67 $567.02 $569.38 $571.76 $574.14 $576.53 $578.93 $581.34 $583.77 $586.20 $588.64 $591.09 $593.56 $596.03 $598.51 $601.01 $603.51 $606.03 $608.55 $611.09 $613.63 $616.19 $618.76 $621.34 $623.93 $626.52 $629.14 $631.76 $634.39 $637.03 $639.69 $642.35 $645.03 $647.72 $650.41 $653.13 $655.85 $249.12 $246.87 $244.60 $242.32 $240.04 $237.74 $235.44 $233.13 $230.80 $228.47 $226.13 $223.77 $221.41 $219.04 $216.66 $214.26 $211.86 $209.45 $207.03 $204.59 $202.15 $199.70 $197.24 $194.76 $192.28 $189.79 $187.28 $184.77 $182.24 $179.71 $177.16 $174.60 $172.04 $169.46 $166.87 $164.27 $161.66 $159.04 $156.40 $153.76 $151.11 $148.44 $145.77 $143.08 $140.38 $137.67 $134.95 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% End of Month 137 End of Month 138 End of Month 139 End of Month 140 End of Month 141 End of Month 142 End of Month 143 End of Month 144 End of Month 145 End of Month 146 End of Month 147 End of Month 148 End of Month 149 End of Month 150 End of Month 151 End of Month 152 End of Month 153 End of Month 154 End of Month 155 End of Month 156 End of Month 157 End of Month 158 End of Month 159 End of Month 160 End of Month 161 End of Month 162 End of Month 163 End of Month 164 End of Month 165 End of Month 166 End of Month 167 End of Month 168 End of Month 169 End of Month 170 End of Month 171 End of Month 172 End of Month 173 End of Month 174 End of Month 175 End of Month 176 End of Month 177 End of Month 178 End of Month 179 End of Month 180 $31,072.92 $30,411.59 $29,747.51 $29,080.67 $28,411.04 $27,738.63 $27,063.41 $26,385.38 $25,704.53 $25,020.84 $24,334.30 $23,644.90 $22,952.62 $22,257.47 $21,559.41 $20,858.45 $20,154.57 $19,447.75 $18,737.99 $18,025.27 $17,309.58 $16,590.91 $15,869.25 $15,144.57 $14,416.88 $13,686.16 $12,952.39 $12,215.57 $11,475.67 $10,732.69 $9,986.62 $9,237.44 $8,485.13 $7,729.69 $6,971.11 $6,209.36 $5,444.44 $4,676.33 $3,905.02 $3,130.50 $2,352.75 $1,571.76 $787.51 $0.00 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $790.79 $658.58 $661.32 $664.08 $666.85 $669.62 $672.41 $675.22 $678.03 $680.85 $683.69 $686.54 $689.40 $692.27 $695.16 $698.05 $700.96 $703.88 $706.82 $709.76 $712.72 $715.69 $718.67 $721.66 $724.67 $727.69 $730.72 $733.77 $736.83 $739.90 $742.98 $746.07 $749.18 $752.30 $755.44 $758.59 $761.75 $764.92 $768.11 $771.31 $774.52 $777.75 $780.99 $784.24 $787.51 $132.21 $129.47 $126.71 $123.95 $121.17 $118.38 $115.58 $112.76 $109.94 $107.10 $104.25 $101.39 $98.52 $95.64 $92.74 $89.83 $86.91 $83.98 $81.03 $78.07 $75.11 $72.12 $69.13 $66.12 $63.10 $60.07 $57.03 $53.97 $50.90 $47.82 $44.72 $41.61 $38.49 $35.35 $32.21 $29.05 $25.87 $22.69 $19.48 $16.27 $13.04 $9.80 $6.55 $3.28 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% Rate/12 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% Total Interest Paid Total Principal Paid Amount Remaining After 180 Months $0.00 $416.67 $831.77 $1,245.32 $1,657.29 $2,067.68 $2,476.49 $2,883.70 $3,289.32 $3,693.33 $4,095.73 $4,496.52 $4,895.67 $5,293.20 $5,689.09 $6,083.33 $6,475.92 $6,866.85 $7,256.11 $7,643.70 $8,029.61 $8,413.84 $8,796.37 $9,177.19 $9,556.32 $9,933.72 $10,309.40 $10,683.36 $11,055.57 $11,426.05 $11,794.77 $12,161.73 $12,526.92 $12,890.35 $13,251.99 $13,611.84 $13,969.90 $14,326.16 $14,680.60 $15,033.23 $15,384.03 $15,733.00 $16,080.13 $374.13 $749.81 $1,127.06 $1,505.89 $1,886.29 $2,268.28 $2,651.85 $3,037.03 $3,423.81 $3,812.20 $4,202.21 $4,593.85 $4,987.12 $5,382.03 $5,778.58 $6,176.78 $6,576.65 $6,978.18 $7,381.38 $7,786.26 $8,192.83 $8,601.09 $9,011.06 $9,422.73 $9,836.12 $10,251.23 $10,668.07 $11,086.65 $11,506.97 $11,929.04 $12,352.87 $12,778.47 $13,205.84 $13,634.99 $14,065.93 $14,498.67 $14,933.21 $15,369.55 $15,807.72 $16,247.71 $16,689.54 $17,133.21 Interest Paid $42,342.85 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% $16,425.40 $16,768.83 $17,110.38 $17,450.07 $17,787.88 $18,123.80 $18,457.82 $18,789.94 $19,120.15 $19,448.44 $19,774.80 $20,099.23 $20,421.72 $20,742.25 $21,060.82 $21,377.43 $21,692.06 $22,004.71 $22,315.36 $22,624.02 $22,930.66 $23,235.29 $23,537.89 $23,838.46 $24,136.99 $24,433.46 $24,727.87 $25,020.22 $25,310.49 $25,598.67 $25,884.76 $26,168.75 $26,450.63 $26,730.38 $27,008.01 $27,283.49 $27,556.83 $27,828.02 $28,097.03 $28,363.88 $28,628.54 $28,891.01 $29,151.28 $29,409.34 $29,665.17 $29,918.78 $30,170.15 $17,578.72 $18,026.09 $18,475.33 $18,926.44 $19,379.42 $19,834.30 $20,291.07 $20,749.74 $21,210.32 $21,672.83 $22,137.26 $22,603.62 $23,071.93 $23,542.19 $24,014.41 $24,488.60 $24,964.76 $25,442.91 $25,923.05 $26,405.19 $26,889.34 $27,375.50 $27,863.69 $28,353.92 $28,846.19 $29,340.51 $29,836.89 $30,335.33 $30,835.86 $31,338.47 $31,843.17 $32,349.98 $32,858.90 $33,369.94 $33,883.10 $34,398.41 $34,915.86 $35,435.47 $35,957.25 $36,481.20 $37,007.33 $37,535.65 $38,066.18 $38,598.92 $39,133.87 $39,671.06 $40,210.48 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% $30,419.28 $30,666.14 $30,910.74 $31,153.07 $31,393.11 $31,630.85 $31,866.29 $32,099.41 $32,330.22 $32,558.68 $32,784.81 $33,008.58 $33,229.99 $33,449.03 $33,665.69 $33,879.95 $34,091.81 $34,301.26 $34,508.28 $34,712.88 $34,915.03 $35,114.73 $35,311.96 $35,506.73 $35,699.01 $35,888.79 $36,076.07 $36,260.84 $36,443.08 $36,622.79 $36,799.95 $36,974.55 $37,146.59 $37,316.04 $37,482.91 $37,647.18 $37,808.84 $37,967.88 $38,124.28 $38,278.04 $38,429.15 $38,577.59 $38,723.36 $38,866.43 $39,006.81 $39,144.48 $39,279.43 $40,752.15 $41,296.08 $41,842.27 $42,390.74 $42,941.50 $43,494.55 $44,049.90 $44,607.57 $45,167.56 $45,729.89 $46,294.55 $46,861.57 $47,430.96 $48,002.71 $48,576.85 $49,153.38 $49,732.32 $50,313.66 $50,897.43 $51,483.63 $52,072.27 $52,663.36 $53,256.92 $53,852.95 $54,451.47 $55,052.47 $55,655.99 $56,262.01 $56,870.57 $57,481.65 $58,095.29 $58,711.48 $59,330.24 $59,951.57 $60,575.50 $61,202.02 $61,831.16 $62,462.91 $63,097.30 $63,734.34 $64,374.02 $65,016.37 $65,661.40 $66,309.12 $66,959.53 $67,612.66 $68,268.51 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% 0.4167% $39,411.64 $39,541.11 $39,667.83 $39,791.78 $39,912.94 $40,031.32 $40,146.90 $40,259.67 $40,369.61 $40,476.71 $40,580.96 $40,682.35 $40,780.87 $40,876.51 $40,969.25 $41,059.08 $41,145.99 $41,229.97 $41,311.00 $41,389.08 $41,464.18 $41,536.30 $41,605.43 $41,671.55 $41,734.66 $41,794.73 $41,851.75 $41,905.72 $41,956.62 $42,004.43 $42,049.15 $42,090.77 $42,129.25 $42,164.61 $42,196.82 $42,225.86 $42,251.73 $42,274.42 $42,293.90 $42,310.18 $42,323.22 $42,333.02 $42,339.57 $42,342.85 $68,927.08 $69,588.41 $70,252.49 $70,919.33 $71,588.96 $72,261.37 $72,936.59 $73,614.62 $74,295.47 $74,979.16 $75,665.70 $76,355.10 $77,047.38 $77,742.53 $78,440.59 $79,141.55 $79,845.43 $80,552.25 $81,262.01 $81,974.73 $82,690.42 $83,409.09 $84,130.75 $84,855.43 $85,583.12 $86,313.84 $87,047.61 $87,784.43 $88,524.33 $89,267.31 $90,013.38 $90,762.56 $91,514.87 $92,270.31 $93,028.89 $93,790.64 $94,555.56 $95,323.67 $96,094.98 $96,869.50 $97,647.25 $98,428.24 $99,212.49 $100,000.00 7
Purchase answer to see full attachment