You plan to purchase an $70,000 house using a 15-year mortgage obtained from you

Question

You plan to purchase an $70,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 8 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 110th payment. c. Calculate the amount of interest and, separately, principal paid in the 140th payment d. Calculate the amount of interest paid over the life of this mortgage. For all requirments, do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal Amount of interest Amount of principal Amount of interest paid c. d.

Explanation / Answer

Hello Sir/ Mam

Evaulating the mortgage, the payment schedule :

(a) Monthly Payment = $568.61

(b) 110th payment

Amount of Interest = $213.85

Amount of Principal = $354.76

(c) 140th payment

Amount of Interest = $135.60

Amount of Principal = $433.02

(d) Amount of Interest = $42,850.34

I hope this solves your doubt.

Feel free to comment if you still have any query.

Do give a thumbs up if you find this helpful.

Payment Payment # Balance Interest Principal Balance 1 $59,500.00 $396.67 $171.95 $59,328.05 2 $59,328.05 $395.52 $173.09 $59,154.96 3 $59,154.96 $394.37 $174.25 $58,980.71 4 $58,980.71 $393.20 $175.41 $58,805.31 5 $58,805.31 $392.04 $176.58 $58,628.73 6 $58,628.73 $390.86 $177.75 $58,450.97 7 $58,450.97 $389.67 $178.94 $58,272.03 8 $58,272.03 $388.48 $180.13 $58,091.90 9 $58,091.90 $387.28 $181.33 $57,910.57 10 $57,910.57 $386.07 $182.54 $57,728.03 11 $57,728.03 $384.85 $183.76 $57,544.27 12 $57,544.27 $383.63 $184.98 $57,359.28 13 $57,359.28 $382.40 $186.22 $57,173.06 14 $57,173.06 $381.15 $187.46 $56,985.60 15 $56,985.60 $379.90 $188.71 $56,796.90 16 $56,796.90 $378.65 $189.97 $56,606.93 17 $56,606.93 $377.38 $191.23 $56,415.69 18 $56,415.69 $376.10 $192.51 $56,223.19 19 $56,223.19 $374.82 $193.79 $56,029.39 20 $56,029.39 $373.53 $195.08 $55,834.31 21 $55,834.31 $372.23 $196.38 $55,637.93 22 $55,637.93 $370.92 $197.69 $55,440.23 23 $55,440.23 $369.60 $199.01 $55,241.22 24 $55,241.22 $368.27 $200.34 $55,040.88 25 $55,040.88 $366.94 $201.67 $54,839.21 26 $54,839.21 $365.59 $203.02 $54,636.19 27 $54,636.19 $364.24 $204.37 $54,431.82 28 $54,431.82 $362.88 $205.73 $54,226.09 29 $54,226.09 $361.51 $207.11 $54,018.98 30 $54,018.98 $360.13 $208.49 $53,810.49 31 $53,810.49 $358.74 $209.88 $53,600.62 32 $53,600.62 $357.34 $211.28 $53,389.34 33 $53,389.34 $355.93 $212.68 $53,176.66 34 $53,176.66 $354.51 $214.10 $52,962.56 35 $52,962.56 $353.08 $215.53 $52,747.03 36 $52,747.03 $351.65 $216.97 $52,530.06 37 $52,530.06 $350.20 $218.41 $52,311.65 38 $52,311.65 $348.74 $219.87 $52,091.78 39 $52,091.78 $347.28 $221.33 $51,870.44 40 $51,870.44 $345.80 $222.81 $51,647.63 41 $51,647.63 $344.32 $224.30 $51,423.34 42 $51,423.34 $342.82 $225.79 $51,197.55 43 $51,197.55 $341.32 $227.30 $50,970.25 44 $50,970.25 $339.80 $228.81 $50,741.44 45 $50,741.44 $338.28 $230.34 $50,511.10 46 $50,511.10 $336.74 $231.87 $50,279.23 47 $50,279.23 $335.19 $233.42 $50,045.81 48 $50,045.81 $333.64 $234.97 $49,810.84 49 $49,810.84 $332.07 $236.54 $49,574.30 50 $49,574.30 $330.50 $238.12 $49,336.18 51 $49,336.18 $328.91 $239.71 $49,096.48 52 $49,096.48 $327.31 $241.30 $48,855.17 53 $48,855.17 $325.70 $242.91 $48,612.26 54 $48,612.26 $324.08 $244.53 $48,367.73 55 $48,367.73 $322.45 $246.16 $48,121.57 56 $48,121.57 $320.81 $247.80 $47,873.77 57 $47,873.77 $319.16 $249.45 $47,624.31 58 $47,624.31 $317.50 $251.12 $47,373.19 59 $47,373.19 $315.82 $252.79 $47,120.40 60 $47,120.40 $314.14 $254.48 $46,865.92 61 $46,865.92 $312.44 $256.17 $46,609.75 62 $46,609.75 $310.73 $257.88 $46,351.87 63 $46,351.87 $309.01 $259.60 $46,092.27 64 $46,092.27 $307.28 $261.33 $45,830.94 65 $45,830.94 $305.54 $263.07 $45,567.86 66 $45,567.86 $303.79 $264.83 $45,303.04 67 $45,303.04 $302.02 $266.59 $45,036.44 68 $45,036.44 $300.24 $268.37 $44,768.07 69 $44,768.07 $298.45 $270.16 $44,497.92 70 $44,497.92 $296.65 $271.96 $44,225.96 71 $44,225.96 $294.84 $273.77 $43,952.18 72 $43,952.18 $293.01 $275.60 $43,676.58 73 $43,676.58 $291.18 $277.44 $43,399.15 74 $43,399.15 $289.33 $279.29 $43,119.86 75 $43,119.86 $287.47 $281.15 $42,838.72 76 $42,838.72 $285.59 $283.02 $42,555.69 77 $42,555.69 $283.70 $284.91 $42,270.79 78 $42,270.79 $281.81 $286.81 $41,983.98 79 $41,983.98 $279.89 $288.72 $41,695.26 80 $41,695.26 $277.97 $290.64 $41,404.61 81 $41,404.61 $276.03 $292.58 $41,112.03 82 $41,112.03 $274.08 $294.53 $40,817.50 83 $40,817.50 $272.12 $296.50 $40,521.00 84 $40,521.00 $270.14 $298.47 $40,222.53 85 $40,222.53 $268.15 $300.46 $39,922.07 86 $39,922.07 $266.15 $302.47 $39,619.60 87 $39,619.60 $264.13 $304.48 $39,315.12 88 $39,315.12 $262.10 $306.51 $39,008.61 89 $39,008.61 $260.06 $308.56 $38,700.05 90 $38,700.05 $258.00 $310.61 $38,389.44 91 $38,389.44 $255.93 $312.68 $38,076.75 92 $38,076.75 $253.85 $314.77 $37,761.99 93 $37,761.99 $251.75 $316.87 $37,445.12 94 $37,445.12 $249.63 $318.98 $37,126.14 95 $37,126.14 $247.51 $321.11 $36,805.04 96 $36,805.04 $245.37 $323.25 $36,481.79 97 $36,481.79 $243.21 $325.40 $36,156.39 98 $36,156.39 $241.04 $327.57 $35,828.82 99 $35,828.82 $238.86 $329.75 $35,499.06 100 $35,499.06 $236.66 $331.95 $35,167.11 101 $35,167.11 $234.45 $334.17 $34,832.95 102 $34,832.95 $232.22 $336.39 $34,496.55 103 $34,496.55 $229.98 $338.64 $34,157.92 104 $34,157.92 $227.72 $340.89 $33,817.02 105 $33,817.02 $225.45 $343.17 $33,473.86 106 $33,473.86 $223.16 $345.45 $33,128.40 107 $33,128.40 $220.86 $347.76 $32,780.65 108 $32,780.65 $218.54 $350.08 $32,430.57 109 $32,430.57 $216.20 $352.41 $32,078.16 110 $32,078.16 $213.85 $354.76 $31,723.40 111 $31,723.40 $211.49 $357.12 $31,366.28 112 $31,366.28 $209.11 $359.50 $31,006.77 113 $31,006.77 $206.71 $361.90 $30,644.87 114 $30,644.87 $204.30 $364.31 $30,280.56 115 $30,280.56 $201.87 $366.74 $29,913.82 116 $29,913.82 $199.43 $369.19 $29,544.63 117 $29,544.63 $196.96 $371.65 $29,172.98 118 $29,172.98 $194.49 $374.13 $28,798.85 119 $28,798.85 $191.99 $376.62 $28,422.23 120 $28,422.23 $189.48 $379.13 $28,043.10 121 $28,043.10 $186.95 $381.66 $27,661.44 122 $27,661.44 $184.41 $384.20 $27,277.24 123 $27,277.24 $181.85 $386.76 $26,890.47 124 $26,890.47 $179.27 $389.34 $26,501.13 125 $26,501.13 $176.67 $391.94 $26,109.19 126 $26,109.19 $174.06 $394.55 $25,714.64 127 $25,714.64 $171.43 $397.18 $25,317.46 128 $25,317.46 $168.78 $399.83 $24,917.63 129 $24,917.63 $166.12 $402.50 $24,515.13 130 $24,515.13 $163.43 $405.18 $24,109.95 131 $24,109.95 $160.73 $407.88 $23,702.07 132 $23,702.07 $158.01 $410.60 $23,291.48 133 $23,291.48 $155.28 $413.34 $22,878.14 134 $22,878.14 $152.52 $416.09 $22,462.05 135 $22,462.05 $149.75 $418.87 $22,043.18 136 $22,043.18 $146.95 $421.66 $21,621.52 137 $21,621.52 $144.14 $424.47 $21,197.05 138 $21,197.05 $141.31 $427.30 $20,769.75 139 $20,769.75 $138.47 $430.15 $20,339.61 140 $20,339.61 $135.60 $433.02 $19,906.59 141 $19,906.59 $132.71 $435.90 $19,470.69 142 $19,470.69 $129.80 $438.81 $19,031.88 143 $19,031.88 $126.88 $441.73 $18,590.15 144 $18,590.15 $123.93 $444.68 $18,145.47 145 $18,145.47 $120.97 $447.64 $17,697.82 146 $17,697.82 $117.99 $450.63 $17,247.20 147 $17,247.20 $114.98 $453.63 $16,793.56 148 $16,793.56 $111.96 $456.66 $16,336.91 149 $16,336.91 $108.91 $459.70 $15,877.21 150 $15,877.21 $105.85 $462.76 $15,414.44 151 $15,414.44 $102.76 $465.85 $14,948.59 152 $14,948.59 $99.66 $468.96 $14,479.64 153 $14,479.64 $96.53 $472.08 $14,007.56 154 $14,007.56 $93.38 $475.23 $13,532.33 155 $13,532.33 $90.22 $478.40 $13,053.93 156 $13,053.93 $87.03 $481.59 $12,572.34 157 $12,572.34 $83.82 $484.80 $12,087.54 158 $12,087.54 $80.58 $488.03 $11,599.52 159 $11,599.52 $77.33 $491.28 $11,108.23 160 $11,108.23 $74.05 $494.56 $10,613.67 161 $10,613.67 $70.76 $497.86 $10,115.82 162 $10,115.82 $67.44 $501.17 $9,614.65 163 $9,614.65 $64.10 $504.52 $9,110.13 164 $9,110.13 $60.73 $507.88 $8,602.25 165 $8,602.25 $57.35 $511.26 $8,090.99 166 $8,090.99 $53.94 $514.67 $7,576.31 167 $7,576.31 $50.51 $518.10 $7,058.21 168 $7,058.21 $47.05 $521.56 $6,536.65 169 $6,536.65 $43.58 $525.04 $6,011.62 170 $6,011.62 $40.08 $528.54 $5,483.08 171 $5,483.08 $36.55 $532.06 $4,951.02 172 $4,951.02 $33.01 $535.61 $4,415.41 173 $4,415.41 $29.44 $539.18 $3,876.24 174 $3,876.24 $25.84 $542.77 $3,333.47 175 $3,333.47 $22.22 $546.39 $2,787.08 176 $2,787.08 $18.58 $550.03 $2,237.04 177 $2,237.04 $14.91 $553.70 $1,683.34 178 $1,683.34 $11.22 $557.39 $1,125.95 179 $1,125.95 $7.51 $561.11 $564.85 180 $564.85 $3.77 $564.85 $0.00 $42,850.34 $59,500.00

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