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Suppose you bought a house and took out a mortgage for $400,000. The NORMINAL interest rate
FInd the interest, principal and end balance ASAP thank you very much
Suppose you bought a house and took out a mortgage for $400,000. The NORMINAL interest rate is 5%, and you must amortize the loan over 30 years of MONTHLY PAYMENTS with equal end-of-month payments. Set up an amortization schedule that shows the MONTYLY payments and the amount of each payment that goes to pay off the principal and the amount that constitutes interest expense to the borrower and interest income to the lender. \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Original amount of mortgage: } & \multirow{2}{*}{\multicolumn{2}{|c|}{400,00030}} & \\ \hline \multicolumn{2}{|c|}{ Term of mortgage: } & & & & \\ \hline \multicolumn{2}{|c|}{ Interest rate: } & \multicolumn{3}{|c|}{5%} & \\ \hline \multicolumn{3}{|c|}{ Monthly payment (use PMT function): } & $2,147.29 & & \\ \hline Month & Beg. Amt. & Pmt & Interest & Principal & End. Bal. \\ \hline 1 & 400,000 & $2,147.29 & & & \\ \hline 2 & $397,852.71 & $2,147.29 & & & \\ \hline 3 & $395,705.43 & $2,147.29 & & & \\ \hline 4 & $393,558.14 & $2,147.29 & & & \\ \hline 5 & $391,410.85 & $2,147.29 & & & \\ \hline 6 & $389,263.57 & $2,147.29 & & & \\ \hline 7 & $387,116.28 & $2,147.29 & & & \\ \hline 8 & $384,968.99 & $2,147.29 & & & \\ \hline 9 & $382,821.71 & $2,147.29 & & & \\ \hline 10 & $380,674.42 & $2,147.29 & & & \\ \hline 11 & $378,527.14 & $2,147.29 & & & \\ \hline 12 & $376,379.85 & $2,147.29 & & & \\ \hline 13 & $374,232.56 & $2,147.29 & & & \\ \hline 14 & $372,085.28 & $2,147.29 & & & \\ \hline 15 & $369,937.99 & $2,147.29 & & & \\ \hline 16 & $367,790.70 & $2,147.29 & & & \\ \hline 17 & $365,643.42 & $2,147.29 & & & \\ \hline 18 & $363,496.13 & $2,147.29 & & & \\ \hline \end{tabular}
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