Question

5. The price of the new home you want to purchase is $310,000.00. You purchase thehome with a 20% down payment and finance the remaining amount for 25 yearsat 5.00%. Your monthly payment is $1,450.80. Complete the repayment schedulebelow for the first six months of your loan.$248,000 Mortgage Loan at 5% for 25 YearsAmount for Amount forPaymentMonthlyNumberPaymentInterestPrincipalBalance$248,000.00116293923456

Answer 1

Given: The price of new home and other details as shown

To determine: The repayment schedule for the first six months of your loan

Solution

Using the formula below

$\begin{gathered} P=248000 \\ i=5\%=0.05 \\ n=12\times25=300 \end{gathered}$