You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8 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
3
4
5
6

a. The monthly payments are:

= $1,584.93

b. Amortization Schedule for the first six payments:

Month   Beginning Balance   Interest     Principal     Ending Balance

1  $216,000.00            $17,214.79   $1,804.37    $214,195.61

2    $214,195.61           $17,065.03     $1,954.13    $212,241.46

3        $212,241.46    $16,902.82     $2,116.34    $210,125.12

4    $210,125.12     $16,727.19     $2,291.97    $207,833.12

5   $207,833.12    $16,536.94    $2,482.22   $205,350.89

6  $205,350.89    $16,330.93   $2,688.23    $202,662.63

Explanation:

a) Data and Calculations:

Monthly Pay:   $1,584.93

                            Monthly        Total

Mortgage Payment   $1,584.93   $570,575.33

House Price = $240,000.00

Loan Amount = $216,000.00

Down Payment = $24,000.00 ($240,000 * 10%)

Total of 360 Mortgage Payments$570,575.33

Total Interest$354,575.33

Mortgage Payoff Period = 360 (12 * 30 years) months

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