Construct the amortization schedule for first six payments

Assignment Help Financial Management

Reference no: EM131464210

You plan to purchase a $300,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 7.5 percent. You will make a down payment of 10 percent of the purchase price.

a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Monthly payment $

b. Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amortization Schedule for first 6 payments (months)

Month Beginning Loan Balance Payment Interest Principal Ending Loan Balance

Reference no: EM131464210

Questions Cloud

Votes needed to ensure election of one member to the board : If the firm uses cumulative voting to elect its board, what is the minimum number of votes needed to ensure election of one member to the board?

Firm needs to plow back its earnings to fuel growth : No dividends will be paid on the stock over the next nine years because the firm needs to plow back its earnings to fuel growth.

Annual income from a rental property is expected : The annual income from a rental property is expected to start at $1, 800 per year and decrease at a uniform amount of $100 each year after the first year for th

The value of an investment comes from its cash flows. : The value of an investment comes from its cash flows.

Construct the amortization schedule for first six payments : Calculate your monthly payments on this mortgage. Construct the amortization schedule for the first six payments

Determine the result of the transaction : Diamond Co. had the following transactions during 2015. Determine the result of the transaction:

Prepare journal entries for the transantions : The excess of the fair market value of the net identifiable assets of Smith company over its book value equals? Prepare journal entries for the transantions

The value of an investment comes from its cash flows : The value of an investment comes from its cash flows. What interest rate is required to make this happen?

What lump sum deposited today : What lump sum deposited today at 8?% compounded quarterly for 5 years will yield the same final amount as deposits of ?$6000 at the end of each? 6-month period

User Account

All Pages