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

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Aug 28th, 2014
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Aug 28th, 2014
Dec 10th, 2016
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