You are financing a new home. The loan is for $268,000 and you are getting rate of 4.9% per year compounded monthly. You have decided on a 15-year mortgage and will make monthly payments ( end of the month). You will pay 6% down. To get the ball rolling, you are working extra hours and expect to pay an extra $375 per month to knock down the principle. You make these payments for 6 years starting on month 25. The last EXTRA payment is on month 96. Build the amortization table. What month will you make your last payment? How much will the last payment be?
You are financing a new home. The loan is for $268,000 and you are getting rate of 4.9% per year compounded monthly. You have decided on a 15-year mortgage and will make monthly payments ( end of the month). You will pay 6% down. To get the ball rolling, you are working extra hours and expect to pay an extra $375 per month to knock down the principle. You make these payments for 6 years starting on month 25. The last EXTRA payment is on month 96. Build the amortization table. What month will you make your last payment? How much will the last payment be?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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![You are financing a new home. The
loan is for $268,000 and you are
getting rate of 4.9% per year
compounded monthly. You have
decided on a 15-year mortgage
and will make monthly payments (
end of the month). You will pay 6%
down. To get the ball rolling, you are
working extra hours and expect to
pay an extra $375 per month to
knock down the principle. You make
these payments for 6 years starting
on month 25. The last EXTRA
payment is on month 96. Build the
amortization table. What month will
you make your last payment? How
much will the last payment be?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac4f9fdc-f62f-40e0-8de8-8002bbe958fb%2Ffbdca9b0-cfed-4a62-aacf-a672ef8bb548%2Fsyv527o_processed.png&w=3840&q=75)
Transcribed Image Text:You are financing a new home. The
loan is for $268,000 and you are
getting rate of 4.9% per year
compounded monthly. You have
decided on a 15-year mortgage
and will make monthly payments (
end of the month). You will pay 6%
down. To get the ball rolling, you are
working extra hours and expect to
pay an extra $375 per month to
knock down the principle. You make
these payments for 6 years starting
on month 25. The last EXTRA
payment is on month 96. Build the
amortization table. What month will
you make your last payment? How
much will the last payment be?
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