PLEASE SHOW FORMULA USED(NOT FROM EXCEL) AND STEPS USING FINANCIAL CALC
1. Ann obtains a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $135,000 at 5.25%. What will be Ann’s mortgage balance after 20 years of payments (ie after 240 months)?
2. Ann obtains a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $135,000 at 5.25%. What percent of Ann’s 20th payment goes to interest?
3. Ann obtains a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $135,000 at 5.25%. What percent of Ann’s 20th payment goes to principal?