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Portion paying interest

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Reference no: EM131892217

Table showing the payment of a mortgage of $284,000 month by month. Create columns for:

- Time (in years) 

- Interest (for that month) 

- Payment (always the same value) 

- Payment against principal 

- Remaining Principal 

The mortgage is to last 37 years, and the nominal interest rate is 9.08%

(a) What is the monthly payment?

(b) What is the interest paid at the end of the 9th month?

(c) How much of the principal is paid down by the payment made at the end of the 22nd month?

(d) The first time that the portion of a monthly payment that is paying down the principal will be larger than the portion paying interest will occur at the end of month number________?

Reference no: EM131892217

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