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you just bought a house and have a $188,000 mortgage. the mortgage is for 15 years...

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Finance

you just bought a house and have a $188,000 mortgage. themortgage is for 15 years and has a nominal rate of 4.25%.on the24th payment what will be the amount going to principal?

Answer & Explanation Solved by verified expert
4.2 Ratings (746 Votes)

Monthly rate(M)= yearly rate/12= 0.35% Monthly payment= 1414.28
Month Beginning balance (A) Monthly payment Interest = M*A Principal paid Ending balance
1 188000.00 1414.28 665.83 748.45 187251.55
2 187251.55 1414.28 663.18 751.10 186500.45
3 186500.45 1414.28 660.52 753.76 185746.69
4 185746.69 1414.28 657.85 756.43 184990.26
5 184990.26 1414.28 655.17 759.11 184231.15
6 184231.15 1414.28 652.49 761.80 183469.35
7 183469.35 1414.28 649.79 764.50 182704.85
8 182704.85 1414.28 647.08 767.20 181937.65
9 181937.65 1414.28 644.36 769.92 181167.73
10 181167.73 1414.28 641.64 772.65 180395.08
11 180395.08 1414.28 638.90 775.38 179619.70
12 179619.70 1414.28 636.15 778.13 178841.57
13 178841.57 1414.28 633.40 780.89 178060.68
14 178060.68 1414.28 630.63 783.65 177277.03
15 177277.03 1414.28 627.86 786.43 176490.60
16 176490.60 1414.28 625.07 789.21 175701.39
17 175701.39 1414.28 622.28 792.01 174909.38
18 174909.38 1414.28 619.47 794.81 174114.57
19 174114.57 1414.28 616.66 797.63 173316.94
20 173316.94 1414.28 613.83 800.45 172516.49
21 172516.49 1414.28 611.00 803.29 171713.20
22 171713.20 1414.28 608.15 806.13 170907.07
23 170907.07 1414.28 605.30 808.99 170098.08
24 170098.08 1414.28 602.43 811.85 169286.23

Principal paid in 24th period =811.85

Where
Interest paid = Beginning balance * Monthly interest rate
Principal = Monthly payment – interest paid
Ending balance = beginning balance – principal paid
Beginning balance = previous Month ending balance

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you just bought a house and have a $188,000 mortgage. themortgage is for 15 years and has a nominal rate of 4.25%.on the24th payment what will be the amount going to principal?

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