You bought a house 8 years ago with a $250,000 mortgage. It was a 15 year loan w

Question

You bought a house 8 years ago with a $250,000 mortgage. It was a 15 year loan with monthly payments which will pay off the loan when you make the last payment. The interest rate was 6%. What is your monthly payment? Complete the ammortization table to answer the following questions. find beginning balance, interest, principal, ending balance for months 1-180

------- this means you need a chart starting at 1 and going all the way down to 180 and then going a cross would be interest, principal, ending balance and u go down the chart for each 1-180!!!!!!! like u would see when u get a mortgage at a bank please :)

Month Beginning Balance Interest Princpal Ending Balance 1 $250,000 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180

Explanation / Answer

Annuity factor=+(1-(1+(0.06/12))^-180)/(0.06/12) =118.50

hence annual payment =250000/118.50 =2109.70

Month Beginning Balance Monthly payment Interest Princpal Ending Balance 1 250000 2110 1250 860 249140 2 249140 2110 1246 864 248276 3 248276 2110 1241 868 247408 4 247408 2110 1237 873 246536 5 246536 2110 1233 877 245659 6 245659 2110 1228 881 244777 7 244777 2110 1224 886 243892 8 243892 2110 1219 890 243001 9 243001 2110 1215 895 242107 10 242107 2110 1211 899 241208 11 241208 2110 1206 904 240304 12 240304 2110 1202 908 239396 13 239396 2110 1197 913 238483 14 238483 2110 1192 917 237566 15 237566 2110 1188 922 236644 16 236644 2110 1183 926 235718 17 235718 2110 1179 931 234787 18 234787 2110 1174 936 233851 19 233851 2110 1169 940 232911 20 232911 2110 1165 945 231966 21 231966 2110 1160 950 231016 22 231016 2110 1155 955 230061 23 230061 2110 1150 959 229102 24 229102 2110 1146 964 228138 25 228138 2110 1141 969 227169 26 227169 2110 1136 974 226195 27 226195 2110 1131 979 225216 28 225216 2110 1126 984 224233 29 224233 2110 1121 988 223244 30 223244 2110 1116 993 222251 31 222251 2110 1111 998 221252 32 221252 2110 1106 1003 220249 33 220249 2110 1101 1008 219241 34 219241 2110 1096 1013 218227 35 218227 2110 1091 1019 217209 36 217209 2110 1086 1024 216185 37 216185 2110 1081 1029 215156 38 215156 2110 1076 1034 214123 39 214123 2110 1071 1039 213084 40 213084 2110 1065 1044 212039 41 212039 2110 1060 1049 210990 42 210990 2110 1055 1055 209935 43 209935 2110 1050 1060 208875 44 208875 2110 1044 1065 207810 45 207810 2110 1039 1071 206739 46 206739 2110 1034 1076 205663 47 205663 2110 1028 1081 204582 48 204582 2110 1023 1087 203495 49 203495 2110 1017 1092 202403 50 202403 2110 1012 1098 201306 51 201306 2110 1007 1103 200202 52 200202 2110 1001 1109 199094 53 199094 2110 995 1114 197980 54 197980 2110 990 1120 196860 55 196860 2110 984 1125 195735 56 195735 2110 979 1131 194604 57 194604 2110 973 1137 193467 58 193467 2110 967 1142 192325 59 192325 2110 962 1148 191177 60 191177 2110 956 1154 190023 61 190023 2110 950 1160 188863 62 188863 2110 944 1165 187698 63 187698 2110 938 1171 186527 64 186527 2110 933 1177 185350 65 185350 2110 927 1183 184167 66 184167 2110 921 1189 182978 67 182978 2110 915 1195 181783 68 181783 2110 909 1201 180583 69 180583 2110 903 1207 179376 70 179376 2110 897 1213 178163 71 178163 2110 891 1219 176944 72 176944 2110 885 1225 175719 73 175719 2110 879 1231 174488 74 174488 2110 872 1237 173251 75 173251 2110 866 1243 172008 76 172008 2110 860 1250 170758 77 170758 2110 854 1256 169502 78 169502 2110 848 1262 168240 79 168240 2110 841 1268 166972 80 166972 2110 835 1275 165697 81 165697 2110 828 1281 164416 82 164416 2110 822 1288 163128 83 163128 2110 816 1294 161834 84 161834 2110 809 1300 160534 85 160534 2110 803 1307 159227 86 159227 2110 796 1314 157913 87 157913 2110 790 1320 156593 88 156593 2110 783 1327 155267 89 155267 2110 776 1333 153933 90 153933 2110 770 1340 152593 91 152593 2110 763 1347 151247 92 151247 2110 756 1353 149893 93 149893 2110 749 1360 148533 94 148533 2110 743 1367 147166 95 147166 2110 736 1374 145792 96 145792 2110 729 1381 144412 97 144412 2110 722 1388 143024 98 143024 2110 715 1395 141630 99 141630 2110 708 1401 140228 100 140228 2110 701 1408 138820 101 138820 2110 694 1416 137404 102 137404 2110 687 1423 135981 103 135981 2110 680 1430 134552 104 134552 2110 673 1437 133115 105 133115 2110 666 1444 131671 106 131671 2110 658 1451 130219 107 130219 2110 651 1459 128761 108 128761 2110 644 1466 127295 109 127295 2110 636 1473 125822 110 125822 2110 629 1481 124341 111 124341 2110 622 1488 122853 112 122853 2110 614 1495 121358 113 121358 2110 607 1503 119855 114 119855 2110 599 1510 118345 115 118345 2110 592 1518 116827 116 116827 2110 584 1526 115301 117 115301 2110 577 1533 113768 118 113768 2110 569 1541 112228 119 112228 2110 561 1549 110679 120 110679 2110 553 1556 109123 121 109123 2110 546 1564 107559 122 107559 2110 538 1572 105987 123 105987 2110 530 1580 104407 124 104407 2110 522 1588 102820 125 102820 2110 514 1596 101224 126 101224 2110 506 1604 99621 127 99621 2110 498 1612 98009 128 98009 2110 490 1620 96389 129 96389 2110 482 1628 94762 130 94762 2110 474 1636 93126 131 93126 2110 466 1644 91482 132 91482 2110 457 1652 89830 133 89830 2110 449 1660 88169 134 88169 2110 441 1669 86500 135 86500 2110 433 1677 84823 136 84823 2110 424 1686 83138 137 83138 2110 416 1694 81444 138 81444 2110 407 1702 79741 139 79741 2110 399 1711 78030 140 78030 2110 390 1719 76311 141 76311 2110 382 1728 74583 142 74583 2110 373 1737 72846 143 72846 2110 364 1745 71101 144 71101 2110 356 1754 69347 145 69347 2110 347 1763 67584 146 67584 2110 338 1772 65812 147 65812 2110 329 1781 64031 148 64031 2110 320 1789 62242 149 62242 2110 311 1798 60443 150 60443 2110 302 1807 58636 151 58636 2110 293 1816 56820 152 56820 2110 284 1826 54994 153 54994 2110 275 1835 53159 154 53159 2110 266 1844 51315 155 51315 2110 257 1853 49462 156 49462 2110 247 1862 47600 157 47600 2110 238 1872 45728 158 45728 2110 229 1881 43847 159 43847 2110 219 1890 41957 160 41957 2110 210 1900 40057 161 40057 2110 200 1909 38148 162 38148 2110 191 1919 36229 163 36229 2110 181 1928 34300 164 34300 2110 172 1938 32362 165 32362 2110 162 1948 30414 166 30414 2110 152 1958 28457 167 28457 2110 142 1967 26490 168 26490 2110 132 1977 24512 169 24512 2110 123 1987 22525 170 22525 2110 113 1997 20528 171 20528 2110 103 2007 18521 172 18521 2110 93 2017 16504 173 16504 2110 83 2027 14477 174 14477 2110 72 2037 12440 175 12440 2110 62 2047 10392 176 10392 2110 52 2058 8335 177 8335 2110 42 2068 6267 178 6267 2110 31 2078 4188 179 4188 2110 21 2089 2100 180 2100 2110 10 2100 0

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