Hi dear, please do not forget to answer the QS You are planning on buying a home

Question

Hi dear, please do not forget to answer the QS

You are planning on buying a home. You have found one with a total purchase price of $325,000. You have saved enough to pay for 20% up front .... You can borrow the balance from a mortgage broker for 4% for 30 years (compounded monthly). Build an amortization schedule for the loan as shown below. Build the table for the entire loan period. Use EXCEL. Use the following functions: PMT, IPMT, and PPMT. See the sample. Use an input table ... which means tell the formulas to get the data from the input table. Print the first two pages of the table to turn In. AND answer the following questions... 1. What is the total interest paid through the life of the loan? 2. What is the principal portion of the payment for payment #140? 3. What is the interest portion of the payment for payment #61? 4. What is the cumulative interest paid at 98 months? 5. How many months does it take to pay off the first $14,000 (+$20)?

Explanation / Answer

FInd the EMI paid for this mortgage using the below formula in excel

=PMT((4/12)%,30*12,-260000,0,0) = $1,241.28

Amortization schedule of the mortgage is calculated in the table below

a) Total interest paid during the entire tenure of loan = $186,860.72

b) Principle portion of payment for payment #140 = $594.94

c) Interest portion of the payment for payment #61 = $783.88

d) Cumulative interest paid in 98 months = $78,311.70

e) Sum of 36 months principle paid = $14,303.31. SO it takes 36 months to pay first $14,000

Month EMI Interest Paid Principle Paid Principle Left 0 $260,000.00 1 $1,241.28 $866.67 $374.61 $259,625.39 2 $1,241.28 $865.42 $375.86 $259,249.53 3 $1,241.28 $864.17 $377.11 $258,872.41 4 $1,241.28 $862.91 $378.37 $258,494.04 5 $1,241.28 $861.65 $379.63 $258,114.41 6 $1,241.28 $860.38 $380.90 $257,733.51 7 $1,241.28 $859.11 $382.17 $257,351.34 8 $1,241.28 $857.84 $383.44 $256,967.90 9 $1,241.28 $856.56 $384.72 $256,583.18 10 $1,241.28 $855.28 $386.00 $256,197.17 11 $1,241.28 $853.99 $387.29 $255,809.89 12 $1,241.28 $852.70 $388.58 $255,421.31 13 $1,241.28 $851.40 $389.88 $255,031.43 14 $1,241.28 $850.10 $391.18 $254,640.25 15 $1,241.28 $848.80 $392.48 $254,247.78 16 $1,241.28 $847.49 $393.79 $253,853.99 17 $1,241.28 $846.18 $395.10 $253,458.89 18 $1,241.28 $844.86 $396.42 $253,062.47 19 $1,241.28 $843.54 $397.74 $252,664.73 20 $1,241.28 $842.22 $399.06 $252,265.67 21 $1,241.28 $840.89 $400.39 $251,865.28 22 $1,241.28 $839.55 $401.73 $251,463.55 23 $1,241.28 $838.21 $403.07 $251,060.48 24 $1,241.28 $836.87 $404.41 $250,656.07 25 $1,241.28 $835.52 $405.76 $250,250.31 26 $1,241.28 $834.17 $407.11 $249,843.20 27 $1,241.28 $832.81 $408.47 $249,434.73 28 $1,241.28 $831.45 $409.83 $249,024.90 29 $1,241.28 $830.08 $411.20 $248,613.70 30 $1,241.28 $828.71 $412.57 $248,201.13 31 $1,241.28 $827.34 $413.94 $247,787.19 32 $1,241.28 $825.96 $415.32 $247,371.87 33 $1,241.28 $824.57 $416.71 $246,955.16 34 $1,241.28 $823.18 $418.10 $246,537.06 35 $1,241.28 $821.79 $419.49 $246,117.57 36 $1,241.28 $820.39 $420.89 $245,696.69 37 $1,241.28 $818.99 $422.29 $245,274.40 38 $1,241.28 $817.58 $423.70 $244,850.70 39 $1,241.28 $816.17 $425.11 $244,425.59 40 $1,241.28 $814.75 $426.53 $243,999.06 41 $1,241.28 $813.33 $427.95 $243,571.11 42 $1,241.28 $811.90 $429.38 $243,141.73 43 $1,241.28 $810.47 $430.81 $242,710.93 44 $1,241.28 $809.04 $432.24 $242,278.68 45 $1,241.28 $807.60 $433.68 $241,845.00 46 $1,241.28 $806.15 $435.13 $241,409.87 47 $1,241.28 $804.70 $436.58 $240,973.29 48 $1,241.28 $803.24 $438.04 $240,535.25 49 $1,241.28 $801.78 $439.50 $240,095.76 50 $1,241.28 $800.32 $440.96 $239,654.80 51 $1,241.28 $798.85 $442.43 $239,212.37 52 $1,241.28 $797.37 $443.91 $238,768.46 53 $1,241.28 $795.89 $445.38 $238,323.08 54 $1,241.28 $794.41 $446.87 $237,876.21 55 $1,241.28 $792.92 $448.36 $237,427.85 56 $1,241.28 $791.43 $449.85 $236,977.99 57 $1,241.28 $789.93 $451.35 $236,526.64 58 $1,241.28 $788.42 $452.86 $236,073.78 59 $1,241.28 $786.91 $454.37 $235,619.42 60 $1,241.28 $785.40 $455.88 $235,163.53 61 $1,241.28 $783.88 $457.40 $234,706.13 62 $1,241.28 $782.35 $458.93 $234,247.21 63 $1,241.28 $780.82 $460.46 $233,786.75 64 $1,241.28 $779.29 $461.99 $233,324.76 65 $1,241.28 $777.75 $463.53 $232,861.23 66 $1,241.28 $776.20 $465.08 $232,396.15 67 $1,241.28 $774.65 $466.63 $231,929.53 68 $1,241.28 $773.10 $468.18 $231,461.35 69 $1,241.28 $771.54 $469.74 $230,991.61 70 $1,241.28 $769.97 $471.31 $230,520.30 71 $1,241.28 $768.40 $472.88 $230,047.42 72 $1,241.28 $766.82 $474.46 $229,572.96 73 $1,241.28 $765.24 $476.04 $229,096.93 74 $1,241.28 $763.66 $477.62 $228,619.30 75 $1,241.28 $762.06 $479.22 $228,140.09 76 $1,241.28 $760.47 $480.81 $227,659.28 77 $1,241.28 $758.86 $482.42 $227,176.86 78 $1,241.28 $757.26 $484.02 $226,692.84 79 $1,241.28 $755.64 $485.64 $226,207.20 80 $1,241.28 $754.02 $487.26 $225,719.94 81 $1,241.28 $752.40 $488.88 $225,231.06 82 $1,241.28 $750.77 $490.51 $224,740.55 83 $1,241.28 $749.14 $492.14 $224,248.41 84 $1,241.28 $747.49 $493.79 $223,754.62 85 $1,241.28 $745.85 $495.43 $223,259.19 86 $1,241.28 $744.20 $497.08 $222,762.11 87 $1,241.28 $742.54 $498.74 $222,263.37 88 $1,241.28 $740.88 $500.40 $221,762.97 89 $1,241.28 $739.21 $502.07 $221,260.90 90 $1,241.28 $737.54 $503.74 $220,757.16 91 $1,241.28 $735.86 $505.42 $220,251.73 92 $1,241.28 $734.17 $507.11 $219,744.63 93 $1,241.28 $732.48 $508.80 $219,235.83 94 $1,241.28 $730.79 $510.49 $218,725.34 95 $1,241.28 $729.08 $512.20 $218,213.14 96 $1,241.28 $727.38 $513.90 $217,699.24 97 $1,241.28 $725.66 $515.62 $217,183.62 98 $1,241.28 $723.95 $517.33 $216,666.29 99 $1,241.28 $722.22 $519.06 $216,147.23 100 $1,241.28 $720.49 $520.79 $215,626.44 101 $1,241.28 $718.75 $522.52 $215,103.91 102 $1,241.28 $717.01 $524.27 $214,579.65 103 $1,241.28 $715.27 $526.01 $214,053.63 104 $1,241.28 $713.51 $527.77 $213,525.87 105 $1,241.28 $711.75 $529.53 $212,996.34 106 $1,241.28 $709.99 $531.29 $212,465.05 107 $1,241.28 $708.22 $533.06 $211,931.98 108 $1,241.28 $706.44 $534.84 $211,397.14 109 $1,241.28 $704.66 $536.62 $210,860.52 110 $1,241.28 $702.87 $538.41 $210,322.11 111 $1,241.28 $701.07 $540.21 $209,781.90 112 $1,241.28 $699.27 $542.01 $209,239.90 113 $1,241.28 $697.47 $543.81 $208,696.08 114 $1,241.28 $695.65 $545.63 $208,150.46 115 $1,241.28 $693.83 $547.44 $207,603.01 116 $1,241.28 $692.01 $549.27 $207,053.74 117 $1,241.28 $690.18 $551.10 $206,502.64 118 $1,241.28 $688.34 $552.94 $205,949.70 119 $1,241.28 $686.50 $554.78 $205,394.92 120 $1,241.28 $684.65 $556.63 $204,838.29 121 $1,241.28 $682.79 $558.49 $204,279.81 122 $1,241.28 $680.93 $560.35 $203,719.46 123 $1,241.28 $679.06 $562.21 $203,157.25 124 $1,241.28 $677.19 $564.09 $202,593.16 125 $1,241.28 $675.31 $565.97 $202,027.19 126 $1,241.28 $673.42 $567.86 $201,459.33 127 $1,241.28 $671.53 $569.75 $200,889.58 128 $1,241.28 $669.63 $571.65 $200,317.94 129 $1,241.28 $667.73 $573.55 $199,744.38 130 $1,241.28 $665.81 $575.47 $199,168.92 131 $1,241.28 $663.90 $577.38 $198,591.53 132 $1,241.28 $661.97 $579.31 $198,012.23 133 $1,241.28 $660.04 $581.24 $197,430.99 134 $1,241.28 $658.10 $583.18 $196,847.81 135 $1,241.28 $656.16 $585.12 $196,262.69 136 $1,241.28 $654.21 $587.07 $195,675.62 137 $1,241.28 $652.25 $589.03 $195,086.59 138 $1,241.28 $650.29 $590.99 $194,495.60 139 $1,241.28 $648.32 $592.96 $193,902.64 140 $1,241.28 $646.34 $594.94 $193,307.70 141 $1,241.28 $644.36 $596.92 $192,710.78 142 $1,241.28 $642.37 $598.91 $192,111.87 143 $1,241.28 $640.37 $600.91 $191,510.96 144 $1,241.28 $638.37 $602.91 $190,908.05 145 $1,241.28 $636.36 $604.92 $190,303.13 146 $1,241.28 $634.34 $606.94 $189,696.20 147 $1,241.28 $632.32 $608.96 $189,087.24 148 $1,241.28 $630.29 $610.99 $188,476.25 149 $1,241.28 $628.25 $613.03 $187,863.22 150 $1,241.28 $626.21 $615.07 $187,248.16 151 $1,241.28 $624.16 $617.12 $186,631.04 152 $1,241.28 $622.10 $619.18 $186,011.86 153 $1,241.28 $620.04 $621.24 $185,390.62 154 $1,241.28 $617.97 $623.31 $184,767.31 155 $1,241.28 $615.89 $625.39 $184,141.92 156 $1,241.28 $613.81 $627.47 $183,514.45 157 $1,241.28 $611.71 $629.56 $182,884.88 158 $1,241.28 $609.62 $631.66 $182,253.22 159 $1,241.28 $607.51 $633.77 $181,619.45 160 $1,241.28 $605.40 $635.88 $180,983.57 161 $1,241.28 $603.28 $638.00 $180,345.57 162 $1,241.28 $601.15 $640.13 $179,705.44 163 $1,241.28 $599.02 $642.26 $179,063.18 164 $1,241.28 $596.88 $644.40 $178,418.77 165 $1,241.28 $594.73 $646.55 $177,772.22 166 $1,241.28 $592.57 $648.71 $177,123.52 167 $1,241.28 $590.41 $650.87 $176,472.65 168 $1,241.28 $588.24 $653.04 $175,819.61 169 $1,241.28 $586.07 $655.21 $175,164.40 170 $1,241.28 $583.88 $657.40 $174,507.00 171 $1,241.28 $581.69 $659.59 $173,847.41 172 $1,241.28 $579.49 $661.79 $173,185.62 173 $1,241.28 $577.29 $663.99 $172,521.63 174 $1,241.28 $575.07 $666.21 $171,855.42 175 $1,241.28 $572.85 $668.43 $171,186.99 176 $1,241.28 $570.62 $670.66 $170,516.33 177 $1,241.28 $568.39 $672.89 $169,843.44 178 $1,241.28 $566.14 $675.13 $169,168.31 179 $1,241.28 $563.89 $677.39 $168,490.92 180 $1,241.28 $561.64 $679.64 $167,811.28 181 $1,241.28 $559.37 $681.91 $167,129.37 182 $1,241.28 $557.10 $684.18 $166,445.19 183 $1,241.28 $554.82 $686.46 $165,758.73 184 $1,241.28 $552.53 $688.75 $165,069.98 185 $1,241.28 $550.23 $691.05 $164,378.93 186 $1,241.28 $547.93 $693.35 $163,685.58 187 $1,241.28 $545.62 $695.66 $162,989.92 188 $1,241.28 $543.30 $697.98 $162,291.94 189 $1,241.28 $540.97 $700.31 $161,591.63 190 $1,241.28 $538.64 $702.64 $160,888.99 191 $1,241.28 $536.30 $704.98 $160,184.01 192 $1,241.28 $533.95 $707.33 $159,476.67 193 $1,241.28 $531.59 $709.69 $158,766.98 194 $1,241.28 $529.22 $712.06 $158,054.93 195 $1,241.28 $526.85 $714.43 $157,340.50 196 $1,241.28 $524.47 $716.81 $156,623.68 197 $1,241.28 $522.08 $719.20 $155,904.48 198 $1,241.28 $519.68 $721.60 $155,182.89 199 $1,241.28 $517.28 $724.00 $154,458.88 200 $1,241.28 $514.86 $726.42 $153,732.47 201 $1,241.28 $512.44 $728.84 $153,003.63 202 $1,241.28 $510.01 $731.27 $152,272.36 203 $1,241.28 $507.57 $733.71 $151,538.65 204 $1,241.28 $505.13 $736.15 $150,802.50 205 $1,241.28 $502.68 $738.60 $150,063.90 206 $1,241.28 $500.21 $741.07 $149,322.83 207 $1,241.28 $497.74 $743.54 $148,579.29 208 $1,241.28 $495.26 $746.02 $147,833.28 209 $1,241.28 $492.78 $748.50 $147,084.78 210 $1,241.28 $490.28 $751.00 $146,333.78 211 $1,241.28 $487.78 $753.50 $145,580.28 212 $1,241.28 $485.27 $756.01 $144,824.27 213 $1,241.28 $482.75 $758.53 $144,065.74 214 $1,241.28 $480.22 $761.06 $143,304.67 215 $1,241.28 $477.68 $763.60 $142,541.08 216 $1,241.28 $475.14 $766.14 $141,774.93 217 $1,241.28 $472.58 $768.70 $141,006.24 218 $1,241.28 $470.02 $771.26 $140,234.98 219 $1,241.28 $467.45 $773.83 $139,461.15 220 $1,241.28 $464.87 $776.41 $138,684.74 221 $1,241.28 $462.28 $779.00 $137,905.74 222 $1,241.28 $459.69 $781.59 $137,124.15 223 $1,241.28 $457.08 $784.20 $136,339.95 224 $1,241.28 $454.47 $786.81 $135,553.14 225 $1,241.28 $451.84 $789.44 $134,763.70 226 $1,241.28 $449.21 $792.07 $133,971.63 227 $1,241.28 $446.57 $794.71 $133,176.92 228 $1,241.28 $443.92 $797.36 $132,379.57 229 $1,241.28 $441.27 $800.01 $131,579.55 230 $1,241.28 $438.60 $802.68 $130,776.87 231 $1,241.28 $435.92 $805.36 $129,971.52 232 $1,241.28 $433.24 $808.04 $129,163.47 233 $1,241.28 $430.54 $810.73 $128,352.74 234 $1,241.28 $427.84 $813.44 $127,539.30 235 $1,241.28 $425.13 $816.15 $126,723.15 236 $1,241.28 $422.41 $818.87 $125,904.28 237 $1,241.28 $419.68 $821.60 $125,082.68 238 $1,241.28 $416.94 $824.34 $124,258.35 239 $1,241.28 $414.19 $827.09 $123,431.26 240 $1,241.28 $411.44 $829.84 $122,601.42 241 $1,241.28 $408.67 $832.61 $121,768.81 242 $1,241.28 $405.90 $835.38 $120,933.43 243 $1,241.28 $403.11 $838.17 $120,095.26 244 $1,241.28 $400.32 $840.96 $119,254.30 245 $1,241.28 $397.51 $843.77 $118,410.53 246 $1,241.28 $394.70 $846.58 $117,563.95 247 $1,241.28 $391.88 $849.40 $116,714.55 248 $1,241.28 $389.05 $852.23 $115,862.32 249 $1,241.28 $386.21 $855.07 $115,007.25 250 $1,241.28 $383.36 $857.92 $114,149.33 251 $1,241.28 $380.50 $860.78 $113,288.55 252 $1,241.28 $377.63 $863.65 $112,424.89 253 $1,241.28 $374.75 $866.53 $111,558.36 254 $1,241.28 $371.86 $869.42 $110,688.95 255 $1,241.28 $368.96 $872.32 $109,816.63 256 $1,241.28 $366.06 $875.22 $108,941.41 257 $1,241.28 $363.14 $878.14 $108,063.26 258 $1,241.28 $360.21 $881.07 $107,182.19 259 $1,241.28 $357.27 $884.01 $106,298.19 260 $1,241.28 $354.33 $886.95 $105,411.24 261 $1,241.28 $351.37 $889.91 $104,521.33 262 $1,241.28 $348.40 $892.88 $103,628.45 263 $1,241.28 $345.43 $895.85 $102,732.60 264 $1,241.28 $342.44 $898.84 $101,833.76 265 $1,241.28 $339.45 $901.83 $100,931.93 266 $1,241.28 $336.44 $904.84 $100,027.09 267 $1,241.28 $333.42 $907.86 $99,119.23 268 $1,241.28 $330.40 $910.88 $98,208.35 269 $1,241.28 $327.36 $913.92 $97,294.43 270 $1,241.28 $324.31 $916.96 $96,377.47 271 $1,241.28 $321.26 $920.02 $95,457.45 272 $1,241.28 $318.19 $923.09 $94,534.36 273 $1,241.28 $315.11 $926.17 $93,608.19 274 $1,241.28 $312.03 $929.25 $92,678.94 275 $1,241.28 $308.93 $932.35 $91,746.59 276 $1,241.28 $305.82 $935.46 $90,811.13 277 $1,241.28 $302.70 $938.58 $89,872.56 278 $1,241.28 $299.58 $941.70 $88,930.85 279 $1,241.28 $296.44 $944.84 $87,986.01 280 $1,241.28 $293.29 $947.99 $87,038.01 281 $1,241.28 $290.13 $951.15 $86,086.86 282 $1,241.28 $286.96 $954.32 $85,132.54 283 $1,241.28 $283.78 $957.50 $84,175.03 284 $1,241.28 $280.58 $960.70 $83,214.34 285 $1,241.28 $277.38 $963.90 $82,250.44 286 $1,241.28 $274.17 $967.11 $81,283.33 287 $1,241.28 $270.94 $970.34 $80,312.99 288 $1,241.28 $267.71 $973.57 $79,339.42 289 $1,241.28 $264.46 $976.82 $78,362.61 290 $1,241.28 $261.21 $980.07 $77,382.54 291 $1,241.28 $257.94 $983.34 $76,399.20 292 $1,241.28 $254.66 $986.62 $75,412.58 293 $1,241.28 $251.38 $989.90 $74,422.68 294 $1,241.28 $248.08 $993.20 $73,429.47 295 $1,241.28 $244.76 $996.51 $72,432.96 296 $1,241.28 $241.44 $999.84 $71,433.12 297 $1,241.28 $238.11 $1,003.17 $70,429.95 298 $1,241.28 $234.77 $1,006.51 $69,423.44 299 $1,241.28 $231.41 $1,009.87 $68,413.57 300 $1,241.28 $228.05 $1,013.23 $67,400.34 301 $1,241.28 $224.67 $1,016.61 $66,383.72 302 $1,241.28 $221.28 $1,020.00 $65,363.72 303 $1,241.28 $217.88 $1,023.40 $64,340.32 304 $1,241.28 $214.47 $1,026.81 $63,313.51 305 $1,241.28 $211.05 $1,030.23 $62,283.28 306 $1,241.28 $207.61 $1,033.67 $61,249.61 307 $1,241.28 $204.17 $1,037.11 $60,212.49 308 $1,241.28 $200.71 $1,040.57 $59,171.92 309 $1,241.28 $197.24 $1,044.04 $58,127.88 310 $1,241.28 $193.76 $1,047.52 $57,080.36 311 $1,241.28 $190.27 $1,051.01 $56,029.35 312 $1,241.28 $186.76 $1,054.52 $54,974.83 313 $1,241.28 $183.25 $1,058.03 $53,916.80 314 $1,241.28 $179.72 $1,061.56 $52,855.25 315 $1,241.28 $176.18 $1,065.10 $51,790.15 316 $1,241.28 $172.63 $1,068.65 $50,721.50 317 $1,241.28 $169.07 $1,072.21 $49,649.30 318 $1,241.28 $165.50 $1,075.78 $48,573.51 319 $1,241.28 $161.91 $1,079.37 $47,494.15 320 $1,241.28 $158.31 $1,082.97 $46,411.18 321 $1,241.28 $154.70 $1,086.58 $45,324.60 322 $1,241.28 $151.08 $1,090.20 $44,234.41 323 $1,241.28 $147.45 $1,093.83 $43,140.57 324 $1,241.28 $143.80 $1,097.48 $42,043.10 325 $1,241.28 $140.14 $1,101.14 $40,941.96 326 $1,241.28 $136.47 $1,104.81 $39,837.15 327 $1,241.28 $132.79 $1,108.49 $38,728.67 328 $1,241.28 $129.10 $1,112.18 $37,616.48 329 $1,241.28 $125.39 $1,115.89 $36,500.59 330 $1,241.28 $121.67 $1,119.61 $35,380.98 331 $1,241.28 $117.94 $1,123.34 $34,257.64 332 $1,241.28 $114.19 $1,127.09 $33,130.55 333 $1,241.28 $110.44 $1,130.84 $31,999.70 334 $1,241.28 $106.67 $1,134.61 $30,865.09 335 $1,241.28 $102.88 $1,138.40 $29,726.69 336 $1,241.28 $99.09 $1,142.19 $28,584.50 337 $1,241.28 $95.28 $1,146.00 $27,438.50 338 $1,241.28 $91.46 $1,149.82 $26,288.69 339 $1,241.28 $87.63 $1,153.65 $25,135.03 340 $1,241.28 $83.78 $1,157.50 $23,977.54 341 $1,241.28 $79.93 $1,161.35 $22,816.18 342 $1,241.28 $76.05 $1,165.23 $21,650.96 343 $1,241.28 $72.17 $1,169.11 $20,481.85 344 $1,241.28 $68.27 $1,173.01 $19,308.84 345 $1,241.28 $64.36 $1,176.92 $18,131.92 346 $1,241.28 $60.44 $1,180.84 $16,951.08 347 $1,241.28 $56.50 $1,184.78 $15,766.31 348 $1,241.28 $52.55 $1,188.73 $14,577.58 349 $1,241.28 $48.59 $1,192.69 $13,384.89 350 $1,241.28 $44.62 $1,196.66 $12,188.23 351 $1,241.28 $40.63 $1,200.65 $10,987.58 352 $1,241.28 $36.63 $1,204.65 $9,782.92 353 $1,241.28 $32.61 $1,208.67 $8,574.25 354 $1,241.28 $28.58 $1,212.70 $7,361.56 355 $1,241.28 $24.54 $1,216.74 $6,144.81 356 $1,241.28 $20.48 $1,220.80 $4,924.02 357 $1,241.28 $16.41 $1,224.87 $3,699.15 358 $1,241.28 $12.33 $1,228.95 $2,470.20 359 $1,241.28 $8.23 $1,233.05 $1,237.16 360 $1,241.28 $4.12 $1,237.16 ($0.00) Total $446,860.72 $186,860.72

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