Reference no: EM13272021
The previous answer to these questions did not help me understand what equations to use and why. Could you please show all your work for parts D and E?
Need you to show your work please!
You have taken out a 15-year fixed-rate mortgage for $250,000.00 that requires you to make a fixed monthly payment every month for the next 360 months, with the first payment being made exactly one month from now. The stated interest rate is 5 percent, compounded monthly.
A. What are the monthly payments?
B. For the first payment , what is the amount of that payment that repays principle and how much of that payment is an interest payment?
C. Right after you make the first monthly payment (i.e., essentially one month from now), using your answers to b above, what will be the remaining principle on the loan?
D. Right after you make your first payment, what is the present value of the remaining monthly payments using the stated interest rate of 5 percent, compounded monthly? How does this compare to your answer to c above?
E. Using the result you can infer from comparing c and d above, answer the following question. After you have made 120 monthly payments, (i) what is the remaining principle, (ii) how much of the 121st payment is payment of interest, (iii) how much of the 121st payment is to repya principle. (Do not go through the lengthy process of building a 121 period spreadsheet -us the result from c and d above).
F. If you made double payments each month for the first 60 months, then after you have made 60 monthly payments, what is the remaining principle?
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