Find the total interest paid by the end of the mortgage

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Reference no: EM132339936

Mortgage Amortization Schedule Excel Assignment

1. Excel: Complete the amortization table provided in the Excel document posted in IvyLearn in the homework area by setting the appropriate values for a $180,000, 30-year mortgage at 4.25% interest and using Excel's autofill (drag) feature to fill in the cells to the end of the mortgage period. Use this to answer the following:

a. How much of the first payment goes towards the principal? How much goes toward the interest?

b. How much of the last payment goes towards the principal? How much goes toward the interest?

c. Find the total interest paid by the end of the mortgage.

d. How much will be owed on the mortgage after making payments for 10 years (hint this is 120 months)?

e. How much interest has been paid total on the mortgage at the end of 10 years?

f. How many months will it take to pay at least half of the principal?

2. Change the spreadsheet from the last question so that the mortgage is for 15 years rather than 30 years.

a. Find the total interest paid by the end of the mortgage.

b. What are some advantages and disadvantages of getting a shorter term mortgage?

Attachment:- Section 11 Mortgages Amortization Schedule.rar

Reference no: EM132339936

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