You are going to buy a home, and will be taking out a home loan for $275,000. The loan will be a standard 30 year loan, compounded monthly, with an APR of 7.9% a). Calculate the uniform payment series for the loan. b). Construct an amortization table that separates payments into interest and principle portions. c). If you pay an additional $150 per payment period for the first 4 years of the loan, what will the new payoff date be.

You are going to buy a home, and will be taking out a home loan for $275,000. The loan will be a standard 30 year loan, compounded monthly, with an APR of 7.9% a). Calculate the uniform payment series for the loan. b). Construct an amortization table that separates payments into interest and principle portions. c). If you pay an additional $150 per payment period for the first 4 years of the loan, what will the new payoff date be.

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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