Extra credit math 106-Lorpu.docx - University of Maryland...

This preview shows page 1 - 4 out of 14 pages.

University of Maryland University College MATH106 – Dr. Izolda Fotiyeva Extra Credit Assignment Directions : - Read and sign the academic honesty certification statement below, then read the questions carefully and answer them to the best of your ability. You may write your answers on this sheet or on the sheet you do your work on, but PLEASE show your work - Test & work is due by 11:59PM Eastern Thursday December 10, 2015. This is open-book and notes; calculators, and spreadsheets are authorized for use. Good luck! I certify the work submitted on and with this document represents my own personal work. I have not collaborated with, or consulted with, anyone else to produce the work I am submitting. I certify I have not used any instructor solutions manuals, or any online problem solving services. I understand and agree to abide by UMUC Policy on Academic Dishonesty and Plagiarism. ___ Lorpu Gweama_____________________ Student Signature & Date 1. A family has a 30-year, $225,000 mortgage at 3.9% compounded monthly. Find: a. the monthly payment 225,000 * .039(1+.039/30)360 -1 = 1,157.30 b. the unpaid balance after 15 years 1,061=P(1+ 360/15)360*15 = 208379.54 c. the equity built up in the home after 22 years’ worth of payments are made and the value of the home is calculated as $295,000 295000 – 86620.46 = 208379.54 d. the total interest paid on the loan at the 30-year point (last payment is made) Amortization Schedule 1
Image of page 1
Payment Date Payment Principal Interest Total Interest Balance May 2018 $1,061.25 $330.00 $731.25 $731.25 $224,670.00 Jun 2018 $1,061.25 $331.08 $730.18 $1,461.43 $224,338.92 Jul 2018 $1,061.25 $332.15 $729.10 $2,190.53 $224,006.77 Aug 2018 $1,061.25 $333.23 $728.02 $2,918.55 $223,673.54 Sep 2018 $1,061.25 $334.31 $726.94 $3,645.49 $223,339.22 Oct 2018 $1,061.25 $335.40 $725.85 $4,371.34 $223,003.82 Nov 2018 $1,061.25 $336.49 $724.76 $5,096.10 $222,667.33 Dec 2018 $1,061.25 $337.58 $723.67 $5,819.77 $222,329.75 Jan 2019 $1,061.25 $338.68 $722.57 $6,542.35 $221,991.06 Feb 2019 $1,061.25 $339.78 $721.47 $7,263.82 $221,651.28 Mar 2019 $1,061.25 $340.89 $720.37 $7,984.18 $221,310.39 Apr 2019 $1,061.25 $341.99 $719.26 $8,703.44 $220,968.40 May 2019 $1,061.25 $343.11 $718.15 $9,421.59 $220,625.29 Jun 2019 $1,061.25 $344.22 $717.03 $10,138.62 $220,281.07 Jul 2019 $1,061.25 $345.34 $715.91 $10,854.53 $219,935.73 Aug 2019 $1,061.25 $346.46 $714.79 $11,569.33 $219,589.27 Sep 2019 $1,061.25 $347.59 $713.67 $12,282.99 $219,241.68 Oct 2019 $1,061.25 $348.72 $712.54 $12,995.53 $218,892.96 Nov 2019 $1,061.25 $349.85 $711.40 $13,706.93 $218,543.11 Dec 2019 $1,061.25 $350.99 $710.27 $14,417.19 $218,192.12 Jan 2020 $1,061.25 $352.13 $709.12 $15,126.32 $217,840.00 Feb 2020 $1,061.25 $353.27 $707.98 $15,834.30 $217,486.72 Mar 2020 $1,061.25 $354.42 $706.83 $16,541.13 $217,132.30 Apr 2020 $1,061.25 $355.57 $705.68 $17,246.81 $216,776.73 May 2020 $1,061.25 $356.73 $704.52 $17,951.33 $216,420.00 Jun 2020 $1,061.25 $357.89 $703.36 $18,654.70 $216,062.11 Jul 2020 $1,061.25 $359.05 $702.20 $19,356.90 $215,703.06 Aug 2020 $1,061.25 $360.22 $701.03 $20,057.94 $215,342.84 Sep 2020 $1,061.25 $361.39 $699.86 $20,757.80 $214,981.45 Oct 2020 $1,061.25 $362.56 $698.69 $21,456.49 $214,618.89 Nov 2020 $1,061.25 $363.74 $697.51 $22,154.00 $214,255.14 Dec 2020 $1,061.25 $364.92 $696.33 $22,850.33 $213,890.22 Jan 2021 $1,061.25 $366.11 $695.14 $23,545.47 $213,524.11 Feb 2021 $1,061.25 $367.30 $693.95 $24,239.43 $213,156.81 Mar 2021 $1,061.25 $368.49 $692.76 $24,932.19 $212,788.32 Apr 2021 $1,061.25 $369.69 $691.56 $25,623.75 $212,418.62 2
Image of page 2
Payment Date Payment Principal Interest Total Interest Balance May 2021 $1,061.25 $370.89 $690.36 $26,314.11 $212,047.73 Jun 2021 $1,061.25 $372.10 $689.16 $27,003.26 $211,675.63 Jul 2021 $1,061.25 $373.31 $687.95 $27,691.21 $211,302.33 Aug 2021 $1,061.25 $374.52 $686.73 $28,377.94 $210,927.80 Sep 2021 $1,061.25 $375.74 $685.52 $29,063.46 $210,552.07 Oct 2021 $1,061.25 $376.96 $684.29 $29,747.75 $210,175.11 Nov 2021 $1,061.25 $378.18 $683.07 $30,430.82 $209,796.92 Dec 2021 $1,061.25 $379.41 $681.84 $31,112.66 $209,417.51 Jan 2022 $1,061.25 $380.65 $680.61 $31,793.27 $209,036.86 Feb 2022 $1,061.25 $381.88 $679.37 $32,472.64 $208,654.98 Mar 2022 $1,061.25 $383.12 $678.13 $33,150.77 $208,271.85 Apr 2022 $1,061.25 $384.37 $676.88 $33,827.65 $207,887.48 May 2022 $1,061.25 $385.62 $675.63 $34,503.28 $207,501.87 Jun 2022 $1,061.25 $386.87 $674.38 $35,177.67 $207,114.99 Jul 2022 $1,061.25 $388.13 $673.12 $35,850.79 $206,726.86 Aug 2022 $1,061.25 $389.39 $671.86 $36,522.65 $206,337.47 Sep 2022 $1,061.25 $390.66 $670.60 $37,193.25 $205,946.82 Oct 2022 $1,061.25 $391.93 $669.33 $37,862.58 $205,554.89 Nov 2022 $1,061.25 $393.20 $668.05 $38,530.63 $205,161.69 Dec 2022 $1,061.25 $394.48 $666.78 $39,197.40
Image of page 3

Want to read all 14 pages?

Image of page 4

Want to read all 14 pages?

You've reached the end of your free preview.

Want to read all 14 pages?

  • Fall '14
  • Years in the future, Total Interest

{[ snackBarMessage ]}

Get FREE access by uploading your study materials

Upload your study materials now and get free access to over 25 million documents.

Upload now for FREE access Or pay now for instant access
Christopher Reinemann
"Before using Course Hero my grade was at 78%. By the end of the semester my grade was at 90%. I could not have done it without all the class material I found."
— Christopher R., University of Rhode Island '15, Course Hero Intern

Ask a question for free

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern