On August 31, 2018, you closed on your new condominium and obtained a $300,000,

Question

On August 31, 2018, you closed on your new condominium and obtained a $300,000, thirty-year mortgage at an APR of 4.2%. The first monthly payment was due at that time (August 31, 2018), and then monthly thereafter this is an "annuity in advance" or an "annuity due") 8. a. What was the amount of your required monthly payment? Assuming that you made all payments exactly when due, how much interest will you pay on the mortgage in the calendar year ending December 31, 2018? b. c. How much interest would you pay in 2019 if you made all of your scheduled payments exactly when due? if the interest rate were to decrease to 3.6% after seventy-two payments (six years), what would be the amount of your new monthly payment? (the life of the mortgage would be unchanged) d,

Explanation / Answer

Amortisation Schedule

Q1. =PMT(4.2%/12,12*30,300000)=1467.05

Q2. 5235.352

Q3. 12412.61447

Q4. =PMT(3.6%/12,288,266451.8172)=1383.01

Month EMI Principal Interest Outstanding 1 $1,467.05 $417.05 1050 $299,582.95 2 $1,467.05 $418.51 1048.54 299164.4373 3 $1,467.05 $419.98 1047.076 298744.4613 4 $1,467.05 $421.45 1045.606 298323.0154 5 $1,467.05 $422.92 1044.131 297900.0944 6 $1,467.05 $424.40 1042.65 297475.6932 7 $1,467.05 $425.89 1041.165 297049.8066 8 $1,467.05 $427.38 1039.674 296622.4294 9 $1,467.05 $428.87 1038.179 296193.5564 10 $1,467.05 $430.37 1036.677 295763.1823 11 $1,467.05 $431.88 1035.171 295331.302 12 $1,467.05 $433.39 1033.66 294897.91 13 $1,467.05 $434.91 1032.143 294463.0012 14 $1,467.05 $436.43 1030.621 294026.5701 15 $1,467.05 $437.96 1029.093 293588.6116 16 $1,467.05 $439.49 1027.56 293149.1202 17 $1,467.05 $441.03 1026.022 292708.0906 18 $1,467.05 $442.57 1024.478 292265.5174 19 $1,467.05 $444.12 1022.929 291821.3952 20 $1,467.05 $445.68 1021.375 291375.7186 21 $1,467.05 $447.24 1019.815 290928.4821 22 $1,467.05 $448.80 1018.25 290479.6802 23 $1,467.05 $450.37 1016.679 290029.3076 24 $1,467.05 $451.95 1015.103 289577.3587 25 $1,467.05 $453.53 1013.521 289123.8279 26 $1,467.05 $455.12 1011.933 288668.7098 27 $1,467.05 $456.71 1010.34 288211.9987 28 $1,467.05 $458.31 1008.742 287753.6892 29 $1,467.05 $459.91 1007.138 287293.7756 30 $1,467.05 $461.52 1005.528 286832.2523 31 $1,467.05 $463.14 1003.913 286369.1136 32 $1,467.05 $464.76 1002.292 285904.354 33 $1,467.05 $466.39 1000.665 285437.9677 34 $1,467.05 $468.02 999.0329 284969.9491 35 $1,467.05 $469.66 997.3948 284500.2924 36 $1,467.05 $471.30 995.751 284028.9919 37 $1,467.05 $472.95 994.1015 283556.0419 38 $1,467.05 $474.61 992.4461 283081.4365 39 $1,467.05 $476.27 990.785 282605.17 40 $1,467.05 $477.93 989.1181 282127.2366 41 $1,467.05 $479.61 987.4453 281647.6304 42 $1,467.05 $481.28 985.7667 281166.3456 43 $1,467.05 $482.97 984.0822 280683.3762 44 $1,467.05 $484.66 982.3918 280198.7165 45 $1,467.05 $486.36 980.6955 279712.3605 46 $1,467.05 $488.06 978.9933 279224.3023 47 $1,467.05 $489.77 977.2851 278734.5358 48 $1,467.05 $491.48 975.5709 278243.0552 49 $1,467.05 $493.20 973.8507 277749.8543 50 $1,467.05 $494.93 972.1245 277254.9273 51 $1,467.05 $496.66 970.3922 276758.268 52 $1,467.05 $498.40 968.6539 276259.8704 53 $1,467.05 $500.14 966.9095 275759.7285 54 $1,467.05 $501.89 965.159 275257.836 55 $1,467.05 $503.65 963.4024 274754.1869 56 $1,467.05 $505.41 961.6397 274248.775 57 $1,467.05 $507.18 959.8707 273741.5942 58 $1,467.05 $508.96 958.0956 273232.6383 59 $1,467.05 $510.74 956.3142 272721.901 60 $1,467.05 $512.52 954.5267 272209.3761 61 $1,467.05 $514.32 952.7328 271695.0574 62 $1,467.05 $516.12 950.9327 271178.9386 63 $1,467.05 $517.93 949.1263 270661.0134 64 $1,467.05 $519.74 947.3135 270141.2754 65 $1,467.05 $521.56 945.4945 269619.7183 66 $1,467.05 $523.38 943.669 269096.3358 67 $1,467.05 $525.21 941.8372 268571.1215 68 $1,467.05 $527.05 939.9989 268044.0689 69 $1,467.05 $528.90 938.1542 267515.1716 70 $1,467.05 $530.75 936.3031 266984.4232 71 $1,467.05 $532.61 934.4455 266451.8172 72 $1,467.05 $534.47 932.5814 265917.347 73 $1,467.05 $536.34 930.7107 265381.0062 74 $1,467.05 $538.22 928.8335 264842.7882 75 $1,467.05 $540.10 926.9498 264302.6864 76 $1,467.05 $541.99 925.0594 263760.6943 77 $1,467.05 $543.89 923.1624 263216.8052 78 $1,467.05 $545.79 921.2588 262671.0125 79 $1,467.05 $547.70 919.3485 262123.3095 80 $1,467.05 $549.62 917.4316 261573.6896 81 $1,467.05 $551.54 915.5079 261022.146 82 $1,467.05 $553.47 913.5775 260468.672 83 $1,467.05 $555.41 911.6404 259913.2608 84 $1,467.05 $557.36 909.6964 259355.9057 85 $1,467.05 $559.31 907.7457 258796.5998 86 $1,467.05 $561.26 905.7881 258235.3364 87 $1,467.05 $563.23 903.8237 257672.1086 88 $1,467.05 $565.20 901.8524 257106.9094 89 $1,467.05 $567.18 899.8742 256539.7321 90 $1,467.05 $569.16 897.8891 255970.5696 91 $1,467.05 $571.15 895.897 255399.4151 92 $1,467.05 $573.15 893.898 254826.2615 93 $1,467.05 $575.16 891.8919 254251.1019 94 $1,467.05 $577.17 889.8789 253673.9293 95 $1,467.05 $579.19 887.8588 253094.7365 96 $1,467.05 $581.22 885.8316 252513.5166 97 $1,467.05 $583.25 883.7973 251930.2624 98 $1,467.05 $585.30 881.7559 251344.9667 99 $1,467.05 $587.34 879.7074 250757.6226 100 $1,467.05 $589.40 877.6517 250168.2228 101 $1,467.05 $591.46 875.5888 249576.76 102 $1,467.05 $593.53 873.5187 248983.2272 103 $1,467.05 $595.61 871.4413 248387.6169 104 $1,467.05 $597.69 869.3567 247789.9221 105 $1,467.05 $599.79 867.2647 247190.1353 106 $1,467.05 $601.89 865.1655 246588.2492 107 $1,467.05 $603.99 863.0589 245984.2566 108 $1,467.05 $606.11 860.9449 245378.15 109 $1,467.05 $608.23 858.8235 244769.922 110 $1,467.05 $610.36 856.6947 244159.5652 111 $1,467.05 $612.49 854.5585 243547.0721 112 $1,467.05 $614.64 852.4148 242932.4354 113 $1,467.05 $616.79 850.2635 242315.6474 114 $1,467.05 $618.95 848.1048 241696.7006 115 $1,467.05 $621.11 845.9385 241075.5875 116 $1,467.05 $623.29 843.7646 240452.3006 117 $1,467.05 $625.47 841.5831 239826.8321 118 $1,467.05 $627.66 839.3939 239199.1745 119 $1,467.05 $629.85 837.1971 238569.3201 120 $1,467.05 $632.06 834.9926 237937.2612 121 $1,467.05 $634.27 832.7804 237302.9901 122 $1,467.05 $636.49 830.5605 236666.499 123 $1,467.05 $638.72 828.3327 236027.7803 124 $1,467.05 $640.95 826.0972 235386.826 125 $1,467.05 $643.20 823.8539 234743.6283 126 $1,467.05 $645.45 821.6027 234098.1795 127 $1,467.05 $647.71 819.3436 233450.4716 128 $1,467.05 $649.97 817.0767 232800.4967 129 $1,467.05 $652.25 814.8017 232148.247 130 $1,467.05 $654.53 812.5189 231493.7143 131 $1,467.05 $656.82 810.228 230836.8908 132 $1,467.05 $659.12 807.9291 230177.7684 133 $1,467.05 $661.43 805.6222 229516.339 134 $1,467.05 $663.74 803.3072 228852.5947 135 $1,467.05 $666.07 800.9841 228186.5273 136 $1,467.05 $668.40 798.6528 227518.1286 137 $1,467.05 $670.74 796.3135 226847.3905 138 $1,467.05 $673.09 793.9659 226174.3049 139 $1,467.05 $675.44 791.6101 225498.8634 140 $1,467.05 $677.81 789.246 224821.0579 141 $1,467.05 $680.18 786.8737 224140.8801 142 $1,467.05 $682.56 784.4931 223458.3217 143 $1,467.05 $684.95 782.1041 222773.3743 144 $1,467.05 $687.34 779.7068 222086.0296 145 $1,467.05 $689.75 777.3011 221396.2791 146 $1,467.05 $692.16 774.887 220704.1146 147 $1,467.05 $694.59 772.4644 220009.5275 148 $1,467.05 $697.02 770.0333 219312.5093 149 $1,467.05 $699.46 767.5938 218613.0516 150 $1,467.05 $701.91 765.1457 217911.1457 151 $1,467.05 $704.36 762.689 217206.7832 152 $1,467.05 $706.83 760.2237 216499.9554 153 $1,467.05 $709.30 757.7498 215790.6538 154 $1,467.05 $711.78 755.2673 215078.8695 155 $1,467.05 $714.28 752.776 214364.594 156 $1,467.05 $716.78 750.2761 213647.8186 157 $1,467.05 $719.28 747.7674 212928.5344 158 $1,467.05 $721.80 745.2499 212206.7328 159 $1,467.05 $724.33 742.7236 211482.4048 160 $1,467.05 $726.86 740.1884 210755.5417 161 $1,467.05 $729.41 737.6444 210026.1346 162 $1,467.05 $731.96 735.0915 209294.1746 163 $1,467.05 $734.52 732.5296 208559.6526 164 $1,467.05 $737.09 729.9588 207822.5599 165 $1,467.05 $739.67 727.379 207082.8873 166 $1,467.05 $742.26 724.7901 206340.6259 167 $1,467.05 $744.86 722.1922 205595.7666 168 $1,467.05 $747.47 719.5852 204848.3003 169 $1,467.05 $750.08 716.9691 204098.2178 170 $1,467.05 $752.71 714.3438 203345.51 171 $1,467.05 $755.34 711.7093 202590.1678 172 $1,467.05 $757.99 709.0656 201832.1819 173 $1,467.05 $760.64 706.4126 201071.543 174 $1,467.05 $763.30 703.7504 200308.2419 175 $1,467.05 $765.97 701.0788 199542.2692 176 $1,467.05 $768.65 698.3979 198773.6156 177 $1,467.05 $771.34 695.7077 198002.2717 178 $1,467.05 $774.04 693.008 197228.2282 179 $1,467.05 $776.75 690.2988 196451.4754 180 $1,467.05 $779.47 687.5802 195672.0041 181 $1,467.05 $782.20 684.852 194889.8046 182 $1,467.05 $784.94 682.1143 194104.8674 183 $1,467.05 $787.68 679.367 193317.1829 184 $1,467.05 $790.44 676.6101 192526.7415 185 $1,467.05 $793.21 673.8436 191733.5336 186 $1,467.05 $795.98 671.0674 190937.5494 187 $1,467.05 $798.77 668.2814 190138.7793 188 $1,467.05 $801.57 665.4857 189337.2135 189 $1,467.05 $804.37 662.6802 188532.8423 190 $1,467.05 $807.19 659.8649 187725.6557 191 $1,467.05 $810.01 657.0398 186915.644 192 $1,467.05 $812.85 654.2048 186102.7972 193 $1,467.05 $815.69 651.3598 185287.1055 194 $1,467.05 $818.55 648.5049 184468.5588 195 $1,467.05 $821.41 645.64 183647.1473 196 $1,467.05 $824.29 642.765 182822.8607 197 $1,467.05 $827.17 639.88 181995.6892 198 $1,467.05 $830.07 636.9849 181165.6226 199 $1,467.05 $832.97 634.0797 180332.6508 200 $1,467.05 $835.89 631.1643 179496.7635 201 $1,467.05 $838.81 628.2387 178657.9507 202 $1,467.05 $841.75 625.3028 177816.202 203 $1,467.05 $844.69 622.3567 176971.5072 204 $1,467.05 $847.65 619.4003 176123.8559 205 $1,467.05 $850.62 616.4335 175273.2379 206 $1,467.05 $853.60 613.4563 174419.6427 207 $1,467.05 $856.58 610.4687 173563.06 208 $1,467.05 $859.58 607.4707 172703.4791 209 $1,467.05 $862.59 604.4622 171840.8898 210 $1,467.05 $865.61 601.4431 170975.2814 211 $1,467.05 $868.64 598.4135 170106.6434 212 $1,467.05 $871.68 595.3733 169234.9651 213 $1,467.05 $874.73 592.3224 168360.2359 214 $1,467.05 $877.79 589.2608 167482.4452 215 $1,467.05 $880.86 586.1886 166601.5823 216 $1,467.05 $883.95 583.1055 165717.6363 217 $1,467.05 $887.04 580.0117 164830.5965 218 $1,467.05 $890.14 576.9071 163940.4521 219 $1,467.05 $893.26 573.7916 163047.1921 220 $1,467.05 $896.39 570.6652 162150.8058 221 $1,467.05 $899.52 567.5278 161251.2821 222 $1,467.05 $902.67 564.3795 160348.6101 223 $1,467.05 $905.83 561.2201 159442.7787 224 $1,467.05 $909.00 558.0497 158533.7769 225 $1,467.05 $912.18 554.8682 157621.5936 226 $1,467.05 $915.38 551.6756 156706.2176 227 $1,467.05 $918.58 548.4718 155787.6379 228 $1,467.05 $921.79 545.2567 154865.8431 229 $1,467.05 $925.02 542.0305 153940.822 230 $1,467.05 $928.26 538.7929 153012.5634 231 $1,467.05 $931.51 535.544 152081.0558 232 $1,467.05 $934.77 532.2837 151146.288 233 $1,467.05 $938.04 529.012 150208.2485 234 $1,467.05 $941.32 525.7289 149266.9258 235 $1,467.05 $944.62 522.4342 148322.3085 236 $1,467.05 $947.92 519.1281 147374.3851 237 $1,467.05 $951.24 515.8103 146423.1439 238 $1,467.05 $954.57 512.481 145468.5734 239 $1,467.05 $957.91 509.14 144510.6619 240 $1,467.05 $961.26 505.7873 143549.3977 241 $1,467.05 $964.63 502.4229 142584.7691 242 $1,467.05 $968.00 499.0467 141616.7642 243 $1,467.05 $971.39 495.6587 140645.3714 244 $1,467.05 $974.79 492.2588 139670.5787 245 $1,467.05 $978.20 488.847 138692.3742 246 $1,467.05 $981.63 485.4233 137710.746 247 $1,467.05 $985.06 481.9876 136725.682 248 $1,467.05 $988.51 478.5399 135737.1704 249 $1,467.05 $991.97 475.0801 134745.199 250 $1,467.05 $995.44 471.6082 133749.7557 251 $1,467.05 $998.93 468.1241 132750.8283 252 $1,467.05 $1,002.42 464.6279 131748.4047 253 $1,467.05 $1,005.93 461.1194 130742.4726 254 $1,467.05 $1,009.45 457.5987 129733.0197 255 $1,467.05 $1,012.99 454.0656 128720.0337 256 $1,467.05 $1,016.53 450.5201 127703.5023 257 $1,467.05 $1,020.09 446.9623 126683.4131 258 $1,467.05 $1,023.66 443.3919 125659.7535 259 $1,467.05 $1,027.24 439.8091 124632.5111 260 $1,467.05 $1,030.84 436.2138 123601.6734 261 $1,467.05 $1,034.45 432.6059 122567.2277 262 $1,467.05 $1,038.07 428.9853 121529.1615 263 $1,467.05 $1,041.70 425.3521 120487.462 264 $1,467.05 $1,045.35 421.7061 119442.1166 265 $1,467.05 $1,049.00 418.0474 118393.1125 266 $1,467.05 $1,052.68 414.3759 117340.4369 267 $1,467.05 $1,056.36 410.6915 116284.0769 268 $1,467.05 $1,060.06 406.9943 115224.0197 269 $1,467.05 $1,063.77 403.2841 114160.2522 270 $1,467.05 $1,067.49 399.5609 113092.7616 271 $1,467.05 $1,071.23 395.8247 112021.5347 272 $1,467.05 $1,074.98 392.0754 110946.5586 273 $1,467.05 $1,078.74 388.313 109867.82 274 $1,467.05 $1,082.51 384.5374 108785.3058 275 $1,467.05 $1,086.30 380.7486 107699.0029 276 $1,467.05 $1,090.11 376.9465 106608.8979 277 $1,467.05 $1,093.92 373.1311 105514.9775 278 $1,467.05 $1,097.75 369.3024 104417.2284 279 $1,467.05 $1,101.59 365.4603 103315.6372 280 $1,467.05 $1,105.45 361.6047 102210.1904 281 $1,467.05 $1,109.32 357.7357 101100.8745 282 $1,467.05 $1,113.20 353.8531 99987.67607 283 $1,467.05 $1,117.09 349.9569 98870.58141 284 $1,467.05 $1,121.00 346.047 97749.57693 285 $1,467.05 $1,124.93 342.1235 96624.64893 286 $1,467.05 $1,128.87 338.1863 95495.78368 287 $1,467.05 $1,132.82 334.2352 94362.9674 288 $1,467.05 $1,136.78 330.2704 93226.18626 289 $1,467.05 $1,140.76 326.2917 92085.42639 290 $1,467.05 $1,144.75 322.299 90940.67387 291 $1,467.05 $1,148.76 318.2924 89791.9147 292 $1,467.05 $1,152.78 314.2717 88639.13488 293 $1,467.05 $1,156.81 310.237 87482.32033 294 $1,467.05 $1,160.86 306.1881 86321.45693 295 $1,467.05 $1,164.93 302.1251 85156.53051 296 $1,467.05 $1,169.00 298.0479 83987.52685 297 $1,467.05 $1,173.10 293.9563 82814.43167 298 $1,467.05 $1,177.20 289.8505 81637.23066 299 $1,467.05 $1,181.32 285.7303 80455.90945 300 $1,467.05 $1,185.46 281.5957 79270.45361 301 $1,467.05 $1,189.60 277.4466 78080.84867 302 $1,467.05 $1,193.77 273.283 76887.08012 303 $1,467.05 $1,197.95 269.1048 75689.13338 304 $1,467.05 $1,202.14 264.912 74486.99383 305 $1,467.05 $1,206.35 260.7045 73280.64679 306 $1,467.05 $1,210.57 256.4823 72070.07753 307 $1,467.05 $1,214.81 252.2453 70855.27128 308 $1,467.05 $1,219.06 247.9934 69636.21321 309 $1,467.05 $1,223.32 243.7267 68412.88843 310 $1,467.05 $1,227.61 239.4451 67185.28202 311 $1,467.05 $1,231.90 235.1485 65953.37899 312 $1,467.05 $1,236.21 230.8368 64717.16429 313 $1,467.05 $1,240.54 226.5101 63476.62285 314 $1,467.05 $1,244.88 222.1682 62231.7395 315 $1,467.05 $1,249.24 217.8111 60982.49907 316 $1,467.05 $1,253.61 213.4387 59728.8863 317 $1,467.05 $1,258.00 209.0511 58470.88588 318 $1,467.05 $1,262.40 204.6481 57208.48246 319 $1,467.05 $1,266.82 200.2297 55941.66063 320 $1,467.05 $1,271.26 195.7958 54670.40492 321 $1,467.05 $1,275.71 191.3464 53394.69981 322 $1,467.05 $1,280.17 186.8814 52114.52974 323 $1,467.05 $1,284.65 182.4009 50829.87907 324 $1,467.05 $1,289.15 177.9046 49540.73213 325 $1,467.05 $1,293.66 173.3926 48247.07317 326 $1,467.05 $1,298.19 168.8648 46948.88641 327 $1,467.05 $1,302.73 164.3211 45646.15599 328 $1,467.05 $1,307.29 159.7615 44338.86601 329 $1,467.05 $1,311.87 155.186 43027.00052 330 $1,467.05 $1,316.46 150.5945 41710.5435 331 $1,467.05 $1,321.06 145.9869 40389.47888 332 $1,467.05 $1,325.69 141.3632 39063.79054 333 $1,467.05 $1,330.33 136.7233 37733.46228 334 $1,467.05 $1,334.98 132.0671 36398.47788 335 $1,467.05 $1,339.66 127.3947 35058.82103 336 $1,467.05 $1,344.35 122.7059 33714.47538 337 $1,467.05 $1,349.05 118.0007 32365.42453 338 $1,467.05 $1,353.77 113.279 31011.65199 339 $1,467.05 $1,358.51 108.5408 29653.14125 340 $1,467.05 $1,363.27 103.786 28289.87573 341 $1,467.05 $1,368.04 99.01457 26921.83877 342 $1,467.05 $1,372.83 94.22644 25549.01368 343 $1,467.05 $1,377.63 89.42155 24171.38371 344 $1,467.05 $1,382.45 84.59984 22788.93203 345 $1,467.05 $1,387.29 79.76126 21401.64177 346 $1,467.05 $1,392.15 74.90575 20009.496 347 $1,467.05 $1,397.02 70.03324 18612.47771 348 $1,467.05 $1,401.91 65.14367 17210.56987 349 $1,467.05 $1,406.81 60.23699 15803.75534 350 $1,467.05 $1,411.74 55.31314 14392.01696 351 $1,467.05 $1,416.68 50.37206 12975.3375 352 $1,467.05 $1,421.64 45.41368 11553.69966 353 $1,467.05 $1,426.61 40.43795 10127.08609 354 $1,467.05 $1,431.61 35.4448 8695.479367 355 $1,467.05 $1,436.62 30.43418 7258.862024 356 $1,467.05 $1,441.65 25.40602 5817.21652 357 $1,467.05 $1,446.69 20.36026 4370.525256 358 $1,467.05 $1,451.75 15.29684 2918.770574 359 $1,467.05 $1,456.84 10.2157 1461.93475 360 $1,467.05 $1,461.93 5.116772 -5.9731E-10

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.