Business and Finance

Business & Finance
Tutor: None Selected Time limit: 1 Day

Make an Amortization Table show the first 2 months of mortgage payments. Amount of mortgage ($100,000) Annual Interest rate (5.50%) Years In Mortgage (30) Monthly Payment ($568) Round to nearest cent as needed

Aug 28th, 2014

First month interest  =100,000*0.055/12 = 458.33

First month principal = 568.00 -458.33 = 109.67

Outstanding balance =100,000 -109.67 = 99890.33

Second month interest =99890.33 *0.055/12 = 457.83

Second month principal = 568.00 -457.83 = 110.17

Outstanding balance =99890.33 -110.17 = 99780.16

Aug 28th, 2014

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Aug 28th, 2014
...
Aug 28th, 2014
Mar 28th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer