Question

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Problem #3: Create a table showing the payment of a mortgage of $161,000 month by month. Create columns for: - Time (in years) - Interest (for that month) - Payment (always the same value) - Payment against principal - Remaining Principal The mortgage is to last 32 years, and the nominal interest rate is 4.66% (a) What is the monthly payment? (b) What is the interest paid at the end of the 9th month? (c) How much of the principal is paid down by the payment made at the end of the 22nd month? (d) The first time that the portion of a monthly payment that is paying down the principal will be larger than the portion paying interest will occur at the end of month number_ Problem #3(a): Answer correct to 2 decimals Problem #3(b): Answer correct to 2 decimals Problem #3(c): Answer correct to 2 decimals Problem #3(d):

Answer 1

EMI - Microsoft Excel - - Home ox - File Insert Page Layout Formulas Data Review View Cut Σ AutoSum, General Wrap Text Merge & Center - $ % ... Insert Delete Format Calibri - 11-AA BIU - DA Font - fx Copy Paste Format Painter Clipboard B25 Conditional Format Cell Formatting as Table Styles Styles Clear Sort & Find & Filter Select- Editing Alignment Number Cells A ED F н G E.M.I. CALCULATION 161000 Total Amount Downpayment Loan Amount Interest rate per year Interest rate per month No of Periods No. of years 161000 4.66% 0.3883333333333% e360 Year Month Equated Monthly Payment Formula used above $831.14 PMT(C8,C9,-C6) OPENING BALANCE 161000 $160,794.08 $160,445.32 $160,095.51 $159,744.66 $159,392.76 $159,039.79 $158,685.77 $158,330.69 $157,974.54 $157,617.33 $157,259.04 EMI $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 INTEREST PRINCIPAL REPAID CLOSING BALANCE 625.22 $205.92 $160,794.08 482.38 $348.76 $160,445.32 481.34 $349.80 $160,095.51 480.29 $350.85 $159,744.66 479.23 $351.91 $159,392.76 478.18 $352.96 $159,039.79 477.12 $354.02 $158,685.77 476.06 $355.08 $158,330.69 474.99 $356.15 $157,974.54 473.92 $357.22 $157,617.33 472.85 $358.29 $157,259.04 471.78 $359.36 $156,899.68 $831.14 $474.99 $7,753.79 61st Month 3(a) 3(b) 3(c) 3(d) Monthly Intalment is Interest paid at the end of 9th Month Principal paid by the end of 22nd month The first time payment towards principal.... H E MI Annuity quarter present value 100% Ready Ô O o e E m 2:54 AM 40) ENG 2/28/2020 O Type here to search

EMI - Microsoft Excel 0 X x Home Insert Page Layout Formulas Data Review View - lut General Copy - Wrap Text Merge & Center - E $ % , d . Insert Delete Format Calibri - 11-AA ter BIU - A Font - fx B Conditional Format Cell Formatting as Table Styles Styles Σ AutoSum'Α Fill Sort & Find & Clear Filter - Select Editing Alignment Number bard 15 Cells D $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 T ooooooooouuuuuuuuuuu $144,812.78 $144,416.08 $144,018.19 $143,619.10 $143,218.82 $142,817.34 $142,414.65 $142,010.75 $141,605.64 $141,199.32 $140,791.78 $140,383.02 $139,973.02 $139,561.80 $139,149.35 $138,735.66 $138,320.72 $137,904.55 $137,487.12 $137,068.44 $136,648.51 $136,227.31 $135,804.85 $135,381.13 $134,956.13 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 $831.14 434.44 433.25 432.05 430.86 429.66 428.45 427.24 426.03 424.82 423.60 422.38 421.15 419.92 418.69 417.45 416.21 414.96 413.71 412.46 411.21 409.95 408.68 407.41 406.14 404.87 $396.70 $397.89 $399.09 $400.28 $401.48 $402.69 $403.90 $405.11 $406.32 $407.54 $408.76 $409.99 $411.22 $412.45 $413.69 $414.93 $416.18 $417.43 $418.68 $419.93 $421.19 $422.46 $423.73 $425.00 $426.27 $144,416.08 $144,018.19 $143,619.10 $143,218.82 $142,817.34 $142,414.65 $142,010.75 $141,605.64 $141,199.32 $140,791.78 $140,383.02 $139,973.02 $139,561.80 $139,149.35 $138,735.66 $138,320.72 $137,904.55 $137,487.12 $137,068.44 $136,648.51 $136,227.31 $135,804.85 $135,381.13 $134,956.13 $134,529.86
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