Prepare an amortization schedule for the first 3 payments (in $) of a $62,000 mortgage at 5% for 20 years. Use this table. (Round your answers to the nearest cent.) Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 FinancedMonthly Payments(Necessary to amortize a loan of $1,000)InterestRate (%)5Years10Years15Years20Years25Years30Years35Years40Years3.5018.199.897.155.805.014.494.133.873.7518.3010.017.275.935.144.634.284.034.0018.4210.127.406.065.284.774.434.184.2518.5310.247.526.195.424.924.584.344.5018.6410.367.656.335.565.074.734.504.7518.7610.487.786.465.705.224.894.665.0018.8710.617.916.605.855.375.054.825.2518.9910.738.046.745.995.525.214.995.5019.1010.858.176.886.145.685.375.165.7519.2210.988.307.026.295.845.545.336.0019.3311.108.447.166.446.005.705.506.2519.4511.238.577.316.606.165.875.686.5019.5711.358.717.466.756.326.045.856.7519.6811.488.857.66.916.496.216.037.0019.8011.618.997.757.076.656.396.217.2519.9211.749.137.907.236.826.566.407.5020.0411.879.278.067.396.996.746.587.7520.1612.009.418.217.557.166.926.778.0020.2812.139.568.367.727.347.106.958.2520.4012.279.708.527.887.517.287.148.5020.5212.409.858.688.057.697.477.338.7520.6412.539.998.848.227.877.657.529.0020.7612.6710.149.008.398.057.847.719.2520.8812.8010.299.168.568.238.037.919.5021.0012.9410.449.328.748.418.228.109.7521.1213.0810.599.498.918.598.418.3010.0021.2513.2210.759.659.098.788.608.4910.2521.3713.3510.909.829.268.968.798.6910.5021.4913.4911.059.989.449.158.988.8910.7521.6213.6311.2110.159.629.339.189.0811.0021.7413.7811.3710.329.809.529.379.2811.2521.8713.9211.5210.499.989.719.569.4811.5021.9914.0611.6810.6610.169.909.769.6811.7522.1214.2011.8410.8410.3510.099.969.8812.0022.2414.3512.0011.0110.5310.2910.1610.0812.2522.3714.4912.1611.1910.7210.4810.3510.2912.5022.5014.6412.3311.3610.910.6710.5510.4912.7522.6314.7812.4911.5411.0910.8710.7510.6913.0022.7514.9312.6511.7211.2811.0610.9510.90 Payment NumberMonthly PaymentMonthly InterestPortion Used to Reduce PrincipalLoan Balance0 $ 1$ $ $ $ 2$ $ $ $ 3$ $ $ $

Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Answered: Prepare an amortization schedule for…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 12P

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Prepare an amortization schedule for the first 3 payments (in $) of a $62,000 mortgage at 5% for 20 years. Use this table. (Round your answers to the nearest cent.)

Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed

Monthly Payments
(Necessary to amortize a loan of $1,000)

Interest Rate (%)	5 Years	10 Years	15 Years	20 Years	25 Years	30 Years	35 Years	40 Years
3.50	18.19	9.89	7.15	5.80	5.01	4.49	4.13	3.87
3.75	18.30	10.01	7.27	5.93	5.14	4.63	4.28	4.03
4.00	18.42	10.12	7.40	6.06	5.28	4.77	4.43	4.18
4.25	18.53	10.24	7.52	6.19	5.42	4.92	4.58	4.34
4.50	18.64	10.36	7.65	6.33	5.56	5.07	4.73	4.50
4.75	18.76	10.48	7.78	6.46	5.70	5.22	4.89	4.66
5.00	18.87	10.61	7.91	6.60	5.85	5.37	5.05	4.82
5.25	18.99	10.73	8.04	6.74	5.99	5.52	5.21	4.99
5.50	19.10	10.85	8.17	6.88	6.14	5.68	5.37	5.16
5.75	19.22	10.98	8.30	7.02	6.29	5.84	5.54	5.33
6.00	19.33	11.10	8.44	7.16	6.44	6.00	5.70	5.50
6.25	19.45	11.23	8.57	7.31	6.60	6.16	5.87	5.68
6.50	19.57	11.35	8.71	7.46	6.75	6.32	6.04	5.85
6.75	19.68	11.48	8.85	7.6	6.91	6.49	6.21	6.03
7.00	19.80	11.61	8.99	7.75	7.07	6.65	6.39	6.21
7.25	19.92	11.74	9.13	7.90	7.23	6.82	6.56	6.40
7.50	20.04	11.87	9.27	8.06	7.39	6.99	6.74	6.58
7.75	20.16	12.00	9.41	8.21	7.55	7.16	6.92	6.77
8.00	20.28	12.13	9.56	8.36	7.72	7.34	7.10	6.95
8.25	20.40	12.27	9.70	8.52	7.88	7.51	7.28	7.14
8.50	20.52	12.40	9.85	8.68	8.05	7.69	7.47	7.33
8.75	20.64	12.53	9.99	8.84	8.22	7.87	7.65	7.52
9.00	20.76	12.67	10.14	9.00	8.39	8.05	7.84	7.71
9.25	20.88	12.80	10.29	9.16	8.56	8.23	8.03	7.91
9.50	21.00	12.94	10.44	9.32	8.74	8.41	8.22	8.10
9.75	21.12	13.08	10.59	9.49	8.91	8.59	8.41	8.30
10.00	21.25	13.22	10.75	9.65	9.09	8.78	8.60	8.49
10.25	21.37	13.35	10.90	9.82	9.26	8.96	8.79	8.69
10.50	21.49	13.49	11.05	9.98	9.44	9.15	8.98	8.89
10.75	21.62	13.63	11.21	10.15	9.62	9.33	9.18	9.08
11.00	21.74	13.78	11.37	10.32	9.80	9.52	9.37	9.28
11.25	21.87	13.92	11.52	10.49	9.98	9.71	9.56	9.48
11.50	21.99	14.06	11.68	10.66	10.16	9.90	9.76	9.68
11.75	22.12	14.20	11.84	10.84	10.35	10.09	9.96	9.88
12.00	22.24	14.35	12.00	11.01	10.53	10.29	10.16	10.08
12.25	22.37	14.49	12.16	11.19	10.72	10.48	10.35	10.29
12.50	22.50	14.64	12.33	11.36	10.9	10.67	10.55	10.49
12.75	22.63	14.78	12.49	11.54	11.09	10.87	10.75	10.69
13.00	22.75	14.93	12.65	11.72	11.28	11.06	10.95	10.90

Payment Number	Monthly Payment	Monthly Interest	Portion Used to Reduce Principal	Loan Balance
0				$
1	$	$	$	$
2	$	$	$	$
3	$	$	$	$

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