Suppose you have a 15-year loan for $355,000 with an APR of 3.75%. Using your calculator or Excel, make a table showing the amount of interest paid, the amount of principal paid, and the ending balance for each of the first 3 months of the loan. Be sure to report only your Month 3 results.
Suppose you have a 15-year loan for $355,000 with an APR of 3.75%. Using your calculator or Excel, make a table showing the amount of interest paid, the amount of principal paid, and the ending balance for each of the first 3 months of the loan. Be sure to report only your Month 3 results.
We have to assume that 3.75% is compounded monthly.
Then we to calculate the blended monthly payment, which comes to=$2,581.64
AMORTIZATION SCHEDULE:
Principal Interest Balance
1-$1,472.26 $1,109.38 $353,527.74
2-$1,476.87 $1,104.77 $352,050.87
3-$1,481.48 $1,100.16 $350,569.39
