Question

Complete the Excel amortization table provided in IvyLearn by setting the appropriate values in the table to a $100,000 mortgage for 30 years at 6% interest. Use Excel’s autofill (drag) feature to fill in the cells to the end of the mortgage period. Submit your spreadsheet in IvyLearn as HW 11. Use the completed table to answer the following: a. How much of the first payment goes towards the Balance? Interest? Balance ___________ Interest___________ b. How much of the last payment goes towards the Balance? Interest? Balance___________ Interest___________ c. Find the total interest paid by the end of the mortgage. d. What is the balance after making payments for 10 years (after the 120 month payment)? e. How much of the payment at 120 months is being paid in balance and interest? Balance___________ Interest___________ f. How much interest has been paid on the mortgage at the end of 10 years? g. How many months will it take to pay at least half of the balance

Answer 1

A first payment

Interest = $500

Balance = $99.55

B last payment

Interest = $2.98

Balance = $596.57

C - total interest = $115,838.19

D balance after 10 years

$100,000-$15,996.44=84,003.56

E at 10 years

Balance paid = $15,996.44

Interest paid = $55,949.62

F interest paid till end of 10years = $55,949.62: