Spence_RES 334_W2_A2.xlsx - Loan amount Interest rate Term of loan(Years Annual Payment $175,000 4.50 30 $10,743.52 Period 0 1 2 3 4 5 6 7 8 9 10 11 12

Spence_RES 334_W2_A2.xlsx - Loan amount Interest rate Term...

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Loan amount $175,000 Interest rate 4.50% Term of loan (Years) 30 Annual Payment $10,743.52 Amortization Schedule Period Annual Payment Interest Principal 0 1 $10,743.52 $7,875.00 $2,868.52 2 $10,743.52 $7,745.92 $2,997.60 3 $10,743.52 $7,611.02 $3,132.50 4 $10,743.52 $7,470.06 $3,273.46 5 $10,743.52 $7,322.76 $3,420.76 6 $10,743.52 $7,168.82 $3,574.70 7 $10,743.52 $7,007.96 $3,735.56 8 $10,743.52 $6,839.86 $3,903.66 9 $10,743.52 $6,664.20 $4,079.32 10 $10,743.52 $6,480.63 $4,262.89 11 $10,743.52 $6,288.80 $4,454.72 12 $10,743.52 $6,088.33 $4,655.19 13 $10,743.52 $5,878.85 $4,864.67 14 $10,743.52 $5,659.94 $5,083.58 15 $10,743.52 $5,431.18 $5,312.34 16 $10,743.52 $5,192.12 $5,551.40 17 $10,743.52 $4,942.31 $5,801.21 18 $10,743.52 $4,681.26 $6,062.26 19 $10,743.52 $4,408.45 $6,335.07 20 $10,743.52 $4,123.38 $6,620.14 21 $10,743.52 $3,825.47 $6,918.05 22 $10,743.52 $3,514.16 $7,229.36 23 $10,743.52 $3,188.84 $7,554.68 24 $10,743.52 $2,848.88 $7,894.64 25 $10,743.52 $2,493.62 $8,249.90 26 $10,743.52 $2,122.37 $8,621.15 27 $10,743.52 $1,734.42 $9,009.10 28 $10,743.52 $1,329.01 $9,414.51 29 $10,743.52 $905.36 $9,838.16 30 $10,743.52 $462.64 $10,280.88
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Part 1 Yearly payment $10,743.52 Part 2 Total payment for entire 30 years period $322,305.60 The interest part $147,305.60 Balance At the end of 8 years, the $175,000 outstanding loan balance $148,093.24 $172,131.48
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Unformatted text preview: $169,133.88 Total interest payment $166,001.38 collected by then $59,041.40 $162,727.92 $159,307.16 New outstanding loan balance $155,732.46 at the end of 8 years $143,093.24 $151,996.90 $148,093.24 Yearly payment $10,743.52 $144,013.92 Interes rate 4.50% $139,751.03 Number of Years to pay the $135,296.30 entire outstanding loan 20.78 $130,641.12 $125,776.45 Hence, new loan maturity year 28.78 $120,692.87 $115,380.52 $109,829.13 $104,027.92 $97,965.66 $91,630.59 $85,010.45 $78,092.40 $70,863.03 $63,308.35 $55,413.71 $47,163.80 $38,542.65 $29,533.55 $20,119.04 $10,280.88 $0.00 Loan amount $140,000 Interes rate in first yer 3% Afterwards, interest rate 6% Maturity period (months) 300 Monthly payment during the first year $663.90 Total payment made during first year $7,966.75 Outstanding loan at the beginning of 2nd year $135,800 When interest rate is reset at 7% from 2nd yr onwards Monthly payment $974.72 Percentage increase in monthly payment from year 1 to year 2 46.82% If reset date is three years Total payment made during first three year $23,900.25 Outstanding loan at the beginning of 4th year $127,400 When interest rate is reset at 8% from 4th yr onwards Monthly payment $1,027.07...
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  • Winter '19
  • Jeffrey Kimmel

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