60.1K

Verified Solution

Link Copied!

Amount financed = 240,000 - 91,088 = $148,912. This is Pv. Nper= 15 years*12 = 180 and rate = 4.5%/12 Amount paid each month =PMT(4.5%/12, 180, -148912) = 1139.07 The amortization table isshown below: Payment no. Loan balance at the start of the monthAmount of payment Interest Principal paid Loan balance at the endof the month find from payment # 10-100.

Payment no.	Loan balance at the start of the month	Amount of payment	Interest	Principal paid	Loan balance at the end of the month
1	148,912.00	1,139.17	558.42	580.75	148,331.25
2	148,331.25	1,139.17	556.24	582.92	147,748.33
3	147,748.33	1,139.17	554.06	585.11	147,163.22
4	147,163.22	1,139.17	551.86	587.30	146,575.91
5	146,575.91	1,139.17	549.66	589.51	145,986.41
6	145,986.41	1,139.17	547.45	591.72	145,394.69
7	145,394.69	1,139.17	545.23	593.94	144,800.75
8	144,800.75	1,139.17	543.00	596.16	144,204.59
9	144,204.59	1,139.17	540.77	598.40	143,606.19
10	143,606.19	1,139.17	538.52	600.64	143,005.54
160	22,963.44	1,139.17	86.11	1,053.05	21,910.39
161	21,910.39	1,139.17	82.16	1,057.00	20,853.39
162	20,853.39	1,139.17	78.20	1,060.97	19,792.42