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How much will the last payment be

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You are financing a new home. The loan is for $173,000 and you are getting rate of 3.8% per year compounded monthly. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To get the ball rollng, you are working extra hours and expect to pay an extra $300 per month to knock down the principle. You make these payments for 3 years starting on month 1. The last payment is on month 36.

Question 1: Build the amortization table. What month will you make your last payment? How much will the last payment be?

Reference no: EM132573695

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