1. What is the monthly payment on a 30 year $220,000 mortgage with an annual int
ID: 2763857 • Letter: 1
Question
1. What is the monthly payment on a 30 year $220,000 mortgage with an annual interest rate of 5% compounded monthly. 2. What if a $40,000 down payment was made. This means the loan would be for $180,000. How would the payment change? 1. What is the monthly payment on a 30 year $220,000 mortgage with an annual interest rate of 5% compounded monthly. 2. What if a $40,000 down payment was made. This means the loan would be for $180,000. How would the payment change? 1. What is the monthly payment on a 30 year $220,000 mortgage with an annual interest rate of 5% compounded monthly. 2. What if a $40,000 down payment was made. This means the loan would be for $180,000. How would the payment change?Explanation / Answer
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Where
Interest paid = Beginning balance * Monthly interest rate
Principal = Monthly payment – interest paid
Ending balance = beginning balance – principal paid
Beginning balance = previous year ending balance
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Monthly rate(M)= annual rate/12 0.42% Monthly payment= 1181.007571 Month Beginning balance (A) Ending balance Interest = M*A Principal paid Ending balance 1 220000 1181.007571 916.6666667 264.340904 219735.6591 2 219735.6591 1181.007571 915.5652462 265.4423244 219470.2168 3 219470.2168 1181.007571 914.4592365 266.5483341 219203.6684 4 219203.6684 1181.007571 913.3486185 267.6589521 218936.0095 5 218936.0095 1181.007571 912.2333729 268.7741978 218667.2353 6 218667.2353 1181.007571 911.1134804 269.8940903 218397.3412 7 218397.3412 1181.007571 909.9889217 271.018649 218126.3225 8 218126.3225 1181.007571 908.8596773 272.1478933 217854.1747 9 217854.1747 1181.007571 907.7257277 273.2818429 217580.8928 10 217580.8928 1181.007571 906.5870534 274.4205172 217306.4723 11 217306.4723 1181.007571 905.4436346 275.5639361 217030.9084 12 217030.9084 1181.007571 904.2954515 276.7121191 216754.1962 13 216754.1962 1181.007571 903.1424843 277.8650863 216476.3312 14 216476.3312 1181.007571 901.9847131 279.0228575 216197.3083 15 216197.3083 1181.007571 900.8221179 280.1854527 215917.1228 16 215917.1228 1181.007571 899.6546785 281.3528921 215635.77 17 215635.77 1181.007571 898.4823748 282.5251958 215353.2448 18 215353.2448 1181.007571 897.3051865 283.7023841 215069.5424 19 215069.5424 1181.007571 896.1230932 284.8844774 214784.6579 20 214784.6579 1181.007571 894.9360746 286.0714961 214498.5864 21 214498.5864 1181.007571 893.74411 287.2634606 214211.3229 22 214211.3229 1181.007571 892.5471789 288.4603917 213922.8625 23 213922.8625 1181.007571 891.3452606 289.66231 213633.2002 24 213633.2002 1181.007571 890.1383343 290.8692363 213342.331 25 213342.331 1181.007571 888.9263792 292.0811915 213050.2498 26 213050.2498 1181.007571 887.7093742 293.2981964 212756.9516 27 212756.9516 1181.007571 886.4872984 294.5202722 212462.4313 28 212462.4313 1181.007571 885.2601306 295.74744 212166.6839 29 212166.6839 1181.007571 884.0278496 296.979721 211869.7042 30 211869.7042 1181.007571 882.7904341 298.2171366 211571.487 31 211571.487 1181.007571 881.5478627 299.459708 211272.0273 32 211272.0273 1181.007571 880.3001139 300.7074567 210971.3199 33 210971.3199 1181.007571 879.0471662 301.9604045 210669.3595 34 210669.3595 1181.007571 877.7889978 303.2185728 210366.1409 35 210366.1409 1181.007571 876.5255871 304.4819835 210061.6589 36 210061.6589 1181.007571 875.2569121 305.7506585 209755.9083 37 209755.9083 1181.007571 873.9829511 307.0246196 209448.8836 38 209448.8836 1181.007571 872.7036818 308.3038888 209140.5797 39 209140.5797 1181.007571 871.4190823 309.5884883 208830.9913 40 208830.9913 1181.007571 870.1291303 310.8784404 208520.1128 41 208520.1128 1181.007571 868.8338034 312.1737672 208207.9391 42 208207.9391 1181.007571 867.5330794 313.4744912 207894.4646 43 207894.4646 1181.007571 866.2269357 314.780635 207579.6839 44 207579.6839 1181.007571 864.9153497 316.0922209 207263.5917 45 207263.5917 1181.007571 863.5982988 317.4092719 206946.1824 46 206946.1824 1181.007571 862.2757601 318.7318105 206627.4506 47 206627.4506 1181.007571 860.9477109 320.0598597 206307.3908 48 206307.3908 1181.007571 859.6141282 321.3934424 205985.9973 49 205985.9973 1181.007571 858.2749888 322.7325818 205663.2647 50 205663.2647 1181.007571 856.9302697 324.0773009 205339.1874 51 205339.1874 1181.007571 855.5799477 325.427623 205013.7598 52 205013.7598 1181.007571 854.2239992 326.7835714 204686.9762 53 204686.9762 1181.007571 852.862401 328.1451696 204358.8311 54 204358.8311 1181.007571 851.4951295 329.5124411 204029.3186 55 204029.3186 1181.007571 850.122161 330.8854097 203698.4332 56 203698.4332 1181.007571 848.7434718 332.2640989 203366.1691 57 203366.1691 1181.007571 847.359038 333.6485326 203032.5206 58 203032.5206 1181.007571 845.9688358 335.0387348 202697.4819 59 202697.4819 1181.007571 844.5728411 336.4347296 202361.0471 60 202361.0471 1181.007571 843.1710297 337.8365409 202023.2106 61 202023.2106 1181.007571 841.7633774 339.2441932 201683.9664 62 201683.9664 1181.007571 840.34986 340.6577107 201343.3087 63 201343.3087 1181.007571 838.9304528 342.0771178 201001.2316 64 201001.2316 1181.007571 837.5051315 343.5024391 200657.7291 65 200657.7291 1181.007571 836.0738714 344.9336993 200312.7954 66 200312.7954 1181.007571 834.6366476 346.370923 199966.4245 67 199966.4245 1181.007571 833.1934354 347.8141352 199618.6104 68 199618.6104 1181.007571 831.7442099 349.2633608 199269.347 69 199269.347 1181.007571 830.2889459 350.7186248 198918.6284 70 198918.6284 1181.007571 828.8276183 352.1799524 198566.4484 71 198566.4484 1181.007571 827.3602018 353.6473688 198212.8011 72 198212.8011 1181.007571 825.8866711 355.1208995 197857.6802 73 197857.6802 1181.007571 824.4070007 356.6005699 197501.0796 74 197501.0796 1181.007571 822.921165 358.0864057 197142.9932 75 197142.9932 1181.007571 821.4291383 359.5784323 196783.4148 76 196783.4148 1181.007571 819.9308948 361.0766758 196422.3381 77 196422.3381 1181.007571 818.4264087 362.581162 196059.7569 78 196059.7569 1181.007571 816.9156538 364.0919168 195695.665 79 195695.665 1181.007571 815.3986042 365.6089665 195330.056 80 195330.056 1181.007571 813.8752335 367.1323372 194962.9237 81 194962.9237 1181.007571 812.3455154 368.6620552 194594.2616 82 194594.2616 1181.007571 810.8094235 370.1981471 194224.0635 83 194224.0635 1181.007571 809.2669312 371.7406394 193852.3229 84 193852.3229 1181.007571 807.7180119 373.2895587 193479.0333 85 193479.0333 1181.007571 806.1626387 374.8449319 193104.1884 86 193104.1884 1181.007571 804.6007849 376.4067858 192727.7816 87 192727.7816 1181.007571 803.0324232 377.9751474 192349.8064 88 192349.8064 1181.007571 801.4575268 379.5500438 191970.2564 89 191970.2564 1181.007571 799.8760683 381.1315023 191589.1249.
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333 31150.96743 1181.007571 129.7956976 1051.211873 30099.75556 334 30099.75556 1181.007571 125.4156482 1055.591922 29044.16364 335 29044.16364 1181.007571 121.0173485 1059.990222 27984.17342 336 27984.17342 1181.007571 116.6007226 1064.406848 26919.76657 337 26919.76657 1181.007571 112.165694 1068.841877 25850.92469 338 25850.92469 1181.007571 107.7121862 1073.295384 24777.62931 339 24777.62931 1181.007571 103.2401221 1077.767449 23699.86186 340 23699.86186 1181.007571 98.74942441 1082.258146 22617.60371 341 22617.60371 1181.007571 94.24001547 1086.767555 21530.83616 342 21530.83616 1181.007571 89.71181732 1091.295753 20439.5404 343 20439.5404 1181.007571 85.16475168 1095.842819 19343.69758 344 19343.69758 1181.007571 80.59873993 1100.408831 18243.28875 345 18243.28875 1181.007571 76.01370314 1104.993867 17138.29489 346 17138.29489 1181.007571 71.40956203 1109.598009 16028.69688 347 16028.69688 1181.007571 66.78623699 1114.221334 14914.47554 348 14914.47554 1181.007571 62.1436481 1118.863923 13795.61162 349 13795.61162 1181.007571 57.48171509 1123.525856 12672.08577 350 12672.08577 1181.007571 52.80035736 1128.207213 11543.87855 351 11543.87855 1181.007571 48.09949397 1132.908077 10410.97048 352 10410.97048 1181.007571 43.37904365 1137.628527 9273.341949 353 9273.341949 1181.007571 38.63892479 1142.368646 8130.973303 354 8130.973303 1181.007571 33.87905543 1147.128515 6983.844788 355 6983.844788 1181.007571 29.09935328 1151.908217 5831.93657 356 5831.93657 1181.007571 24.29973571 1156.707835 4675.228736 357 4675.228736 1181.007571 19.48011973 1161.527451 3513.701285 358 3513.701285 1181.007571 14.64042202 1166.367149 2347.334136 359 2347.334136 1181.007571 9.7805589 1171.227012 1176.107124 360 1176.107124 1181.007571 4.900446351 1176.107124 1.65528E-10Related Questions
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