Construction of an Amortization ScheduleConstruction of an Amortization Schedule
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.
see chart on excel file
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 obtained for the purchase, what would the monthly payments be?
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