Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.29%. (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? Yes No

Question

Show your all calculation

Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.29%.
(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?
Yes
No
View transcribed image text
Expand

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Finance

Amortized Loans

Related Finance Q&A

Find answers to questions asked by students like you.

Q: describe a spectrum for assessing fi nancial reporting quality;

A: A quality spectrum provides a basis for evaluating quality reports and ranges from reports that are ...

Q: The plant manager of IHK is considering the purchase of a new robotic assemble plant. The new roboti...

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts fo...

Q: (2) What is the convertible’s straight-debt value?What is the implied value of the convertibilityfea...

A: Convertible’s straight-debt value Alike to a straight debt security, a convertible note has a notion...

Q: How does bank chartering reduce adverse selectionproblems? Does it always work?

A: A financial institute that takes deposit from and provides loan to the customers is termed as the ba...

Q: Q: Finx, Inc., purchased a truck for $35,000. The truck is expected to be driven 15,000 miles per ye...

A: Determination of depreciation 

Q: Inventory cost is least likely to include:A. production-related storage costs.B. costs incurred as a...

A: Transportation costs incurred to ship inventory to customers are an expense and may not be capitaliz...

Q: Jaderong Plinkett Stores reported net income of $25 million. Th e company has no outstanding debt. U...

A: The increase of $42 million in common stock and additional paid in capital indicates that the compan...

Q: 2. A loan of P2,000 is made for a period of 13 months. from January 1 to-lanuary 31 the following ye...

A: Click to see the answer

Q: Find G, should be a positive value

A: The calculation is shown:

Transcribed Image Text

Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.29%. (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? Yes No