question archive Construct an amortization schedule for the first three months and the final three months of payments for a 30-year, 7 percent mortgage in the amount of $90,000
Construct an amortization schedule for the first three months and the final three months of payments for a 30-year, 7 percent mortgage in the amount of $90,000
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Construct an amortization schedule for the first three months and the final three months of payments for a 30-year, 7 percent mortgage in the amount of $90,000. What percentage of the third payment is principal? What percentage of the final payment is principal? What do these differences imply? (Hint: The balance after the 357th payment is $1,775.56, and the monthly payments is: $598.77) Answer: Amortization Table: (6 Marks) Payment Interest Principal Balance 90,000.00 0 1 $ 598.77 S 2|||| 3||| $ $ $ 358 359 S 360||| s S S S $ $ $ 0.00
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