Calculate two years of mortgage payments

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Reference no: EM1361250

I need some help with this. I am not sure where to start figuring my formula up. Please help if you can and if you get me started I can take it from there.

Create an amortization table and assume that a full month's interest must be paid for the first month and that payments begin February 1. Only calculate 2 years of mortgage payments. Here is the information that I have:

Down payment for purchase of land and buildings, $180,000. (The total purchase price on January 10th was $240,000, of which $60,000 was financed with a mortgage on the property.)

Mortgage payments of $526 each on February 1st, March 1st, April 1st, May 1st, and June 1st. The interest rate on the mortgage is 7% and is to be paid from January 1st.

Must include the interest expense portion and the mortgage principal portion of each month's payment.

Reference no: EM1361250

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