- After working for three years, you decide to purchase yourfirst home, which has a sales price of $350,000. With $70,000 downpayment, what is your monthly mortgage payments for a 30-year loanat an annual interest rate of 4.75%. Assume the payments are madeat the end of each period (i.e., ordinary annuity).
a) Calculate the monthly installments
b) Build an amortization table for the life of loan. For eachpayment, show the beginning loan balance, interest payment,principal payment, and ending balance.
