Finance Question (mortgage related)?
August 06th, 2009
cheaster101 asked:
ok this is not real life scenario but more of a homework question. I have been trying to do this for a while. i end up gettin 1001088 for part a and 60065.28 for part b. Can anyone confirm those answers are correct? please and thanks in advance.
ok this is not real life scenario but more of a homework question. I have been trying to do this for a while. i end up gettin 1001088 for part a and 60065.28 for part b. Can anyone confirm those answers are correct? please and thanks in advance.
question:
Ned purchased a house for $487,500. He made a down payment of $20,000. The interest rate on the mortgage is 6% per annum compounded semi-annually. The mortgage has to be paid out in 30 years. a) At the end of 30 years, how much will Ned have spent on the house in total? b? How much money was paid out in interest over the 30 years?
Lazaro
stan c
August 7, 2009
Monthly Payment = 2203.35
Month Balance Principal Interest Payment Total Interest
1 367134.15 365.85 1837.5 2203.35 1837.5
2 366766.47 367.68 1835.67 4406.7 3673.17
3 366396.96 369.52 1833.83 6610.04 5507
4 366025.6 371.36 1831.98 8813.39 7338.99
5 365652.38 373.22 1830.13 11016.74 9169.12
6 365277.29 375.09 1828.26 13220.09 10997.38
7 364900.33 376.96 1826.39 15423.44 12823.76
8 364521.48 378.85 1824.5 17626.79 14648.27
9 364140.74 380.74 1822.61 19830.13 16470.87
10 363758.1 382.64 1820.7 22033.48 18291.58
11 363373.54 384.56 1818.79 24236.83 20110.37
12 362987.06 386.48 1816.87 26440.18 21927.24
13 362598.64 388.41 1814.94 28643.53 23742.17
14 362208.29 390.35 1812.99 30846.87 25555.16
15 361815.98 392.31 1811.04 33050.22 27366.21
16 361421.71 394.27 1809.08 35253.57 29175.28
17 361025.47 396.24 1807.11 37456.92 30982.39
18 360627.25 398.22 1805.13 39660.27 32787.52
19 360227.04 400.21 1803.14 41863.62 34590.66
20 359824.83 402.21 1801.14 44066.96 36391.79
21 359420.6 404.22 1799.12 46270.31 38190.92
22 359014.36 406.25 1797.1 48473.66 39988.02
23 358606.08 408.28 1795.07 50677.01 41783.09
24 358195.77 410.32 1793.03 52880.36 43576.12
25 357783.4 412.37 1790.98 55083.7 45367.1
26 357368.96 414.43 1788.92 57287.05 47156.02
27 356952.46 416.5 1786.84 59490.4 48942.86
28 356533.88 418.59 1784.76 61693.75 50727.62
29 356113.2 420.68 1782.67 63897.1 52510.29
30 355690.41 422.78 1780.57 66100.45 54290.86
31 355265.52 424.9 1778.45 68303.79 56069.31
32 354838.5 427.02 1776.33 70507.14 57845.64
33 354409.34 429.16 1774.19 72710.49 59619.83
34 353978.04 431.3 1772.05 74913.84 61391.88
35 353544.58 433.46 1769.89 77117.19 63161.77
36 353108.96 435.63 1767.72 79320.53 64929.49
37 352671.15 437.8 1765.54 81523.88 66695.04
38 352231.16 439.99 1763.36 83727.23 68458.39
39 351788.97 442.19 1761.16 85930.58 70219.55
40 351344.57 444.4 1758.94 88133.93 71978.49
41 350897.94 446.63 1756.72 90337.28 73735.22
42 350449.08 448.86 1754.49 92540.62 75489.71
43 349997.98 451.1 1752.25 94743.97 77241.95
44 349544.62 453.36 1749.99 96947.32 78991.94
45 349089 455.63 1747.72 99150.67 80739.66
46 348631.09 457.9 1745.44 101354.02 82485.11
47 348170.9 460.19 1743.16 103557.36 84228.26
48 347708.41 462.49 1740.85 105760.71 85969.12
49 347243.6 464.81 1738.54 107964.06 87707.66
50 346776.47 467.13 1736.22 110167.41 89443.88
51 346307 469.47 1733.88 112370.76 91177.76
52 345835.19 471.81 1731.54 114574.11 92909.3
53 345361.02 474.17 1729.18 116777.45 94638.47
54 344884.48 476.54 1726.81 118980.8 96365.28
55 344405.55 478.93 1724.42 121184.15 98089.7
56 343924.23 481.32 1722.03 123387.5 99811.73
57 343440.5 483.73 1719.62 125590.85 101531.35
58 342954.36 486.15 1717.2 127794.19 103248.55
59 342465.78 488.58 1714.77 129997.54 104963.32
60 341974.76 491.02 1712.33 132200.89 106675.65
61 341481.29 493.47 1709.87 134404.24 108385.53
62 340985.35 495.94 1707.41 136607.59 110092.93
63 340486.92 498.42 1704.93 138810.94 111797.86
64 339986.01 500.91 1702.43 141014.28 113500.29
65 339482.59 503.42 1699.93 143217.63 115200.22
66 338976.66 505.94 1697.41 145420.98 116897.64
67 338468.19 508.46 1694.88 147624.33 118592.52
68 337957.18 511.01 1692.34 149827.68 120284.86
69 337443.62 513.56 1689.79 152031.02 121974.65
70 336927.49 516.13 1687.22 154234.37 123661.86
71 336408.78 518.71 1684.64 156437.72 125346.5
72 335887.48 521.3 1682.04 158641.07 127028.55
73 335363.57 523.91 1679.44 160844.42 128707.98
74 334837.04 526.53 1676.82 163047.77 130384.8
75 334307.87 529.16 1674.19 165251.11 132058.99
76 333776.06 531.81 1671.54 167454.46 133730.53
77 333241.6 534.47 1668.88 169657.81 135399.41
78 332704.46 537.14 1666.21 171861.16 137065.61
79 332164.63 539.83 1663.52 174064.51 138729.14
80 331622.11 542.53 1660.82 176267.85 140389.96
81 331076.87 545.24 1658.11 178471.2 142048.07
82 330528.9 547.96 1655.
Junie
August 9, 2009
Maybe this can clear things out for you.