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Use excel to build a monthly amortization table for a 30-year 5% fix-rate mortgage on a...

Use excel to build a monthly amortization table for a 30-year 5% fix-rate mortgage on a $320,000 home, with a $15,000 down payment.

a. How much money will you still owe on the loan after making one full year of payments?

b. How much money will you still owe on the loan after making 15 full years of payments?

c. If you want to refinance after 8 years of making payments, how much financing would you need to secure from your bank to do so?

d. How much money can you expect to pay in interests alone during the full life of the mortgage?

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Answer #1

a. $300,500.14 still owe on the loan after making one full year of payments.

b. $207,045.92 still owe on the loan after making 15 full years of payments.

c. If you want to refinance after 8 years of making payments, how much financing would you need to secure from your bank to do so?is $ 261,851.33

d. How much money can you expect to pay in interests alone during the full life of the mortgage? is $ 284,430.14

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