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Evan purchased a house and obtained a $420,000 fully amortized level payment 16-year mortgage. The...

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Accounting

  1. Evan purchased a house and obtained a $420,000 fully amortized level payment 16-year mortgage. The mortgages annual interest rate is 5.12%. What will be Evans monthly blended principal and interest payment?

N

i

PV

PMT

FV

Then, using the information above, determine how much of the total payment is principal? And how much of the total payment is interest? Prepare the amortization table for months 1, 2, and 3

Beginning

Amortization

Ending

Month

Principal

Payment

Interest

of Principle

Principle

1

2

3

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