In which month does the amount of principal in a monthly payment first exceed the amount of interest? _____ (b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) _____$ (c) If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?
In which month does the amount of principal in a monthly payment first exceed the amount of interest? _____ (b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) _____$ (c) If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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Question
Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%.
(a) In which month does the amount of principal in a monthly payment first exceed the amount of interest?
_____
(b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.)
_____$
(c) If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?
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