Student Assessment X https://parertweguhotazorgigbStudentA Lizi ying a Home (Fin
ID: 2812420 • Letter: S
Question
Student Assessment X https://parertweguhotazorgigbStudentA Lizi ying a Home (Financial Algebra) a e Examine Evelyn's loan amortization table for a $210,000, 15-year mortgage with an APR of 6%. Evelyn pays an extra S10O each month towards the principal. Determine the missing amounts. Payment Number Balance Montyly Payment Payment Interest Towards Towards Ending Principal Extra Balance 10,000.00 $100.00 $1,050.00 822.10 $100.00 $1,045.89 $826.21 $100.00 $830.34 $100.00 $207,521.35 $208,351.69 $? 1,037.61 $ $206,686.86 $207,521.35 $? Save an End of Test > Previous Questun Save BI ype here to searchExplanation / Answer
Monthly payment
Using pmt function in MS excel
pmt(rate,nper,pv,fv,type) r = 6/12 =.5% nper = 12*15 =180 pv =210000 fv = 0 type =0
PMT(0.5%,180,210000,0,0)
($1,772.10)
payment number
beginning balance
monthly payment
extra payment
towards interest = beginning balance*interest rate
towards principal = monthly payment-interest+additional payment
ending balance = beginning balance-towards principal
1
210000
1772.1
100
1050
822.1
209177.9
2
209177.9
1772.1
100
1045.89
826.21
208351.69
3
208351.7
1772.1
100
1041.76
830.34
207521.35
4
207521.3
1772.1
100
1037.61
834.49
206686.85
Monthly payment
Using pmt function in MS excel
pmt(rate,nper,pv,fv,type) r = 6/12 =.5% nper = 12*15 =180 pv =210000 fv = 0 type =0
PMT(0.5%,180,210000,0,0)
($1,772.10)
payment number
beginning balance
monthly payment
extra payment
towards interest = beginning balance*interest rate
towards principal = monthly payment-interest+additional payment
ending balance = beginning balance-towards principal
1
210000
1772.1
100
1050
822.1
209177.9
2
209177.9
1772.1
100
1045.89
826.21
208351.69
3
208351.7
1772.1
100
1041.76
830.34
207521.35
4
207521.3
1772.1
100
1037.61
834.49
206686.85