Question: You plan to purchase a $280,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 7 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 |
| 1 |
$ |
$ |
$ |
$ |
$ |
| 2 |
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| 3 |
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| 4 |
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| 5 |
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| 6 |
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