Question

You are borrowing $200,000 on a 30 year, 12% apr, monthly payment, mortgage loan. How much...

You are borrowing $200,000 on a 30 year, 12% apr, monthly payment, mortgage loan. How much will be your principal repayment from your monthly mortgage payment at the end of the second month?(Make a table for the mortgage loan payment schedule) Can you explain how to get interest and principle repaid please

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Answer #1
Loan amount 200000
Annual rate = 12%
Monthly rate = 1%
Divide: Annuity PVF at 1% for 360 periods 97.21833
Monthly payment 2057.23
Amort chart
Month Cash paid Int paid Principal Outstanding
at 1% Repaid Balance
0 200000
1 2057.23 2000 57.23 199942.8
2 2057.23 1999.43 57.8 199885
Principal repayment in Month-2 57.8
Interest repayment in Month-2 1999.43
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