Question

Problem #3: Create a table showing the payment of a mortgage of $298,000 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 34 years, and the nominal interest rate is 5.48% (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): 1612.09 Answer correct to 2 decimals Problem #3(b): 1351.54 Answer correct to 2 decimals Problem #3(c): 6077.88 Answer correct to 2 decimals Problem #3(d): 257 Just Save Submit Problem #3 for Grading Attempt #2 Attempt #5 3(a) 3(b) 3(c) 5800.17 Problem #3 Attempt #1 Your Answer: 3(a) 1612.09 3(b) 1351.54 3(c) 276.45 3(d) 257 Your Mark: 3(a) 1/1v 3(b) 1/1 3(c) 0/1X 3(d) 1/1 Attempt #3 3(a) 3(b) 3(c) 292199.83 3(d) 3(a) 3(b) 3(c) 0/1x 3(d) 3(d) Attempt #4 3(a) 3(b) 3(0) 6077.88 3(d) 3(a) 3(b) 3(C) 0/1x 3(d) 3(b) 3(0) 3(0) 3(a) 3(b) 3(C) 0/1x 3(d) 3(0) 3(d)

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Answer 1

IF ANY QUERY, FEEL FREE TO ASK Solution 3(c) Principal paid down by the end of 22nd month Principal paid Formula (Code) Formula (Code) -5800.08 =+CUMPRINC(5.48%/12,34*12,298000,1,22,0) CUMPRINC(interest rate, period, loan, start period, end period, o (end of the month)) Hence, principal paid is 5800.08 Note: As part 3(a), 3(b) and 3(d) are already solved and are correct. Hence, solution for them is not given.