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Please help me with finance loans?
To help buy her new house, Mai is taking out a $385,000 mortgage loan for 30 years at 4.6% annual interest. Her monthly payment for this loan is $1973.68
Fill in all the blanks in the amortization schedule for the loan. Assume that each month is 1/12 of a year. Round your answers to the nearest cent.
_____________________________________________________________
Payment Number| Interest Payment| Principal Payment| New Loan Balance |
______________|______________|_______________|________________|
1 | $ ___ | $ ___ | $ ___ |
______________|______________|_______________|________________|
2 | $ ___ | $ ___ | $ ___ |
______________|______________|_______________|________________|
: |: |: |: |
______________|______________|_______________|________________|
205 | $887.09 | $1086.59 | $230,328.92 |
______________|______________|_______________|________________|
206 | $ ___ | $ ___ | $ ___ |
______________|______________|_______________|________________|
1 Answer
- BryceLv 72 weeks agoFavorite Answer
1. int: 1475.83, prin: 497.85, bal: 384,502.15
2. 1473.92, 499.76, 384,002.40
206. 882.93, 1090.75, 29,237.90