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What are the monthly payments on the mortgage construct the


Assignment - Construction of an Amortization Schedule

Complete items a through d below related to the mortgage information provided.

You plan to purchase a $750,000 home using a 30-year mortgage obtained from a local commercial bank.

The mortgage rate offered is 5.25 percent and requires a 20 percent down payment.

a. What are the monthly payments on the mortgage?

b. Construct the amortization schedule for the first 10 payments.

c. If the rate offered was 7.50 percent, what would the monthly payments be?

d. If a 15-year mortgage with a 4.50 percent rate and 20 percent down payment was.

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mortgage.xlsx Month Beginning Balance Payment Interest Principal Ending Balane 1 600,000 3313.22 2625.00 688.22 599,312 2 599,312 3313.22 2621.99 691.2309625 598,621 3 598,621 3313.22 2618.96 694.255098 597,926 4 597,926 3313.22 2615.93 697.292464 597,229 5 597,229 3313.22 2612.88 700.3431185 596,529

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