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Homework answers / question archive / A fixed-rate constant-payment partially-amortizing mortgage is made for $100,000 at 5% for 30 years

A fixed-rate constant-payment partially-amortizing mortgage is made for $100,000 at 5% for 30 years

Finance

  1. A fixed-rate constant-payment partially-amortizing mortgage is made for $100,000 at 5% for 30 years. The balloon payment will be $50,000 at the end of year 30.

 

  1. Calculate the monthly payment.

 

  1. What will the total of payments be for entire 30 years? Of the total, how much will be interest?

 

  1. What would be the outstanding balance after 5 years?

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a) Calculation of Monthly Payment:

b)Total payment for 30 years = $ $193,256.49

Total Interest = $93,256.49

Payment Schedule

Months Total Mortgage Payment Payment on Interest Payment on Principal Principal Balance
  $536.82 5.00%   $100,000.00
1 $536.82 $416.67 $120.15 $99,879.85
2 $536.82 $416.17 $120.66 $99,759.19
3 $536.82 $415.66 $121.16 $99,638.03
4 $536.82 $415.16 $121.66 $99,516.37
5 $536.82 $414.65 $122.17 $99,394.20
6 $536.82 $414.14 $122.68 $99,271.52
7 $536.82 $413.63 $123.19 $99,148.33
8 $536.82 $413.12 $123.70 $99,024.62
9 $536.82 $412.60 $124.22 $98,900.41
10 $536.82 $412.09 $124.74 $98,775.67
11 $536.82 $411.57 $125.26 $98,650.41
12 $536.82 $411.04 $125.78 $98,524.63
13 $536.82 $410.52 $126.30 $98,398.33
14 $536.82 $409.99 $126.83 $98,271.50
15 $536.82 $409.46 $127.36 $98,144.15
16 $536.82 $408.93 $127.89 $98,016.26
17 $536.82 $408.40 $128.42 $97,887.84
18 $536.82 $407.87 $128.96 $97,758.88
19 $536.82 $407.33 $129.49 $97,629.39
20 $536.82 $406.79 $130.03 $97,499.36
21 $536.82 $406.25 $130.57 $97,368.78
22 $536.82 $405.70 $131.12 $97,237.66
23 $536.82 $405.16 $131.66 $97,106.00
24 $536.82 $404.61 $132.21 $96,973.79
25 $536.82 $404.06 $132.76 $96,841.02
26 $536.82 $403.50 $133.32 $96,707.71
27 $536.82 $402.95 $133.87 $96,573.83
28 $536.82 $402.39 $134.43 $96,439.40
29 $536.82 $401.83 $134.99 $96,304.41
30 $536.82 $401.27 $135.55 $96,168.86
31 $536.82 $400.70 $136.12 $96,032.74
32 $536.82 $400.14 $136.69 $95,896.05
33 $536.82 $399.57 $137.25 $95,758.80
34 $536.82 $398.99 $137.83 $95,620.97
35 $536.82 $398.42 $138.40 $95,482.57
36 $536.82 $397.84 $138.98 $95,343.59
37 $536.82 $397.26 $139.56 $95,204.04
38 $536.82 $396.68 $140.14 $95,063.90
39 $536.82 $396.10 $140.72 $94,923.18
40 $536.82 $395.51 $141.31 $94,781.87
41 $536.82 $394.92 $141.90 $94,639.97
42 $536.82 $394.33 $142.49 $94,497.48
43 $536.82 $393.74 $143.08 $94,354.40
44 $536.82 $393.14 $143.68 $94,210.72
45 $536.82 $392.54 $144.28 $94,066.45
46 $536.82 $391.94 $144.88 $93,921.57
47 $536.82 $391.34 $145.48 $93,776.09
48 $536.82 $390.73 $146.09 $93,630.00
49 $536.82 $390.12 $146.70 $93,483.30
50 $536.82 $389.51 $147.31 $93,335.99
51 $536.82 $388.90 $147.92 $93,188.07
52 $536.82 $388.28 $148.54 $93,039.53
53 $536.82 $387.66 $149.16 $92,890.38
54 $536.82 $387.04 $149.78 $92,740.60
55 $536.82 $386.42 $150.40 $92,590.20
56 $536.82 $385.79 $151.03 $92,439.17
57 $536.82 $385.16 $151.66 $92,287.51
58 $536.82 $384.53 $152.29 $92,135.22
59 $536.82 $383.90 $152.92 $91,982.29
60 $536.82 $383.26 $153.56 $91,828.73
61 $536.82 $382.62 $154.20 $91,674.53
62 $536.82 $381.98 $154.84 $91,519.69
63 $536.82 $381.33 $155.49 $91,364.20
64 $536.82 $380.68 $156.14 $91,208.06
65 $536.82 $380.03 $156.79 $91,051.27
66 $536.82 $379.38 $157.44 $90,893.83
67 $536.82 $378.72 $158.10 $90,735.73
68 $536.82 $378.07 $158.76 $90,576.98
69 $536.82 $377.40 $159.42 $90,417.56
70 $536.82 $376.74 $160.08 $90,257.48
71 $536.82 $376.07 $160.75 $90,096.73
72 $536.82 $375.40 $161.42 $89,935.31
73 $536.82 $374.73 $162.09 $89,773.22
74 $536.82 $374.06 $162.77 $89,610.45
75 $536.82 $373.38 $163.44 $89,447.01
76 $536.82 $372.70 $164.13 $89,282.88
77 $536.82 $372.01 $164.81 $89,118.07
78 $536.82 $371.33 $165.50 $88,952.58
79 $536.82 $370.64 $166.19 $88,786.39
80 $536.82 $369.94 $166.88 $88,619.51
81 $536.82 $369.25 $167.57 $88,451.94
82 $536.82 $368.55 $168.27 $88,283.67
83 $536.82 $367.85 $168.97 $88,114.69
84 $536.82 $367.14 $169.68 $87,945.02
85 $536.82 $366.44 $170.38 $87,774.63
86 $536.82 $365.73 $171.09 $87,603.54
87 $536.82 $365.01 $171.81 $87,431.73
88 $536.82 $364.30 $172.52 $87,259.21
89 $536.82 $363.58 $173.24 $87,085.97
90 $536.82 $362.86 $173.96 $86,912.00
91 $536.82 $362.13 $174.69 $86,737.31
92 $536.82 $361.41 $175.42 $86,561.90
93 $536.82 $360.67 $176.15 $86,385.75
94 $536.82 $359.94 $176.88 $86,208.87
95 $536.82 $359.20 $177.62 $86,031.25
96 $536.82 $358.46 $178.36 $85,852.89
97 $536.82 $357.72 $179.10 $85,673.79
98 $536.82 $356.97 $179.85 $85,493.95
99 $536.82 $356.22 $180.60 $85,313.35
100 $536.82 $355.47 $181.35 $85,132.00
101 $536.82 $354.72 $182.10 $84,949.89
102 $536.82 $353.96 $182.86 $84,767.03
103 $536.82 $353.20 $183.63 $84,583.40
104 $536.82 $352.43 $184.39 $84,399.01
105 $536.82 $351.66 $185.16 $84,213.85
106 $536.82 $350.89 $185.93 $84,027.92
107 $536.82 $350.12 $186.71 $83,841.22
108 $536.82 $349.34 $187.48 $83,653.74
109 $536.82 $348.56 $188.26 $83,465.47
110 $536.82 $347.77 $189.05 $83,276.42
111 $536.82 $346.99 $189.84 $83,086.59
112 $536.82 $346.19 $190.63 $82,895.96
113 $536.82 $345.40 $191.42 $82,704.54
114 $536.82 $344.60 $192.22 $82,512.32
115 $536.82 $343.80 $193.02 $82,319.30
116 $536.82 $343.00 $193.82 $82,125.47
117 $536.82 $342.19 $194.63 $81,930.84
118 $536.82 $341.38 $195.44 $81,735.40
119 $536.82 $340.56 $196.26 $81,539.14
120 $536.82 $339.75 $197.08 $81,342.06
121 $536.82 $338.93 $197.90 $81,144.17
122 $536.82 $338.10 $198.72 $80,945.45
123 $536.82 $337.27 $199.55 $80,745.90
124 $536.82 $336.44 $200.38 $80,545.52
125 $536.82 $335.61 $201.22 $80,344.30
126 $536.82 $334.77 $202.05 $80,142.25
127 $536.82 $333.93 $202.90 $79,939.35
128 $536.82 $333.08 $203.74 $79,735.61
129 $536.82 $332.23 $204.59 $79,531.02
130 $536.82 $331.38 $205.44 $79,325.58
131 $536.82 $330.52 $206.30 $79,119.28
132 $536.82 $329.66 $207.16 $78,912.12
133 $536.82 $328.80 $208.02 $78,704.10
134 $536.82 $327.93 $208.89 $78,495.21
135 $536.82 $327.06 $209.76 $78,285.46
136 $536.82 $326.19 $210.63 $78,074.82
137 $536.82 $325.31 $211.51 $77,863.31
138 $536.82 $324.43 $212.39 $77,650.92
139 $536.82 $323.55 $213.28 $77,437.65
140 $536.82 $322.66 $214.16 $77,223.48
141 $536.82 $321.76 $215.06 $77,008.43
142 $536.82 $320.87 $215.95 $76,792.47
143 $536.82 $319.97 $216.85 $76,575.62
144 $536.82 $319.07 $217.76 $76,357.86
145 $536.82 $318.16 $218.66 $76,139.20
146 $536.82 $317.25 $219.57 $75,919.62
147 $536.82 $316.33 $220.49 $75,699.13
148 $536.82 $315.41 $221.41 $75,477.73
149 $536.82 $314.49 $222.33 $75,255.39
150 $536.82 $313.56 $223.26 $75,032.14
151 $536.82 $312.63 $224.19 $74,807.95
152 $536.82 $311.70 $225.12 $74,582.83
153 $536.82 $310.76 $226.06 $74,356.77
154 $536.82 $309.82 $227.00 $74,129.77
155 $536.82 $308.87 $227.95 $73,901.82
156 $536.82 $307.92 $228.90 $73,672.92
157 $536.82 $306.97 $229.85 $73,443.07
158 $536.82 $306.01 $230.81 $73,212.26
159 $536.82 $305.05 $231.77 $72,980.49
160 $536.82 $304.09 $232.74 $72,747.75
161 $536.82 $303.12 $233.71 $72,514.05
162 $536.82 $302.14 $234.68 $72,279.37
163 $536.82 $301.16 $235.66 $72,043.71
164 $536.82 $300.18 $236.64 $71,807.07
165 $536.82 $299.20 $237.63 $71,569.45
166 $536.82 $298.21 $238.62 $71,330.83
167 $536.82 $297.21 $239.61 $71,091.22
168 $536.82 $296.21 $240.61 $70,850.61
169 $536.82 $295.21 $241.61 $70,609.00
170 $536.82 $294.20 $242.62 $70,366.38
171 $536.82 $293.19 $243.63 $70,122.76
172 $536.82 $292.18 $244.64 $69,878.11
173 $536.82 $291.16 $245.66 $69,632.45
174 $536.82 $290.14 $246.69 $69,385.76
175 $536.82 $289.11 $247.71 $69,138.05
176 $536.82 $288.08 $248.75 $68,889.30
177 $536.82 $287.04 $249.78 $68,639.52
178 $536.82 $286.00 $250.82 $68,388.70
179 $536.82 $284.95 $251.87 $68,136.83
180 $536.82 $283.90 $252.92 $67,883.91
181 $536.82 $282.85 $253.97 $67,629.94
182 $536.82 $281.79 $255.03 $67,374.91
183 $536.82 $280.73 $256.09 $67,118.81
184 $536.82 $279.66 $257.16 $66,861.65
185 $536.82 $278.59 $258.23 $66,603.42
186 $536.82 $277.51 $259.31 $66,344.11
187 $536.82 $276.43 $260.39 $66,083.73
188 $536.82 $275.35 $261.47 $65,822.25
189 $536.82 $274.26 $262.56 $65,559.69
190 $536.82 $273.17 $263.66 $65,296.04
191 $536.82 $272.07 $264.75 $65,031.28
192 $536.82 $270.96 $265.86 $64,765.42
193 $536.82 $269.86 $266.97 $64,498.46
194 $536.82 $268.74 $268.08 $64,230.38
195 $536.82 $267.63 $269.20 $63,961.18
196 $536.82 $266.50 $270.32 $63,690.87
197 $536.82 $265.38 $271.44 $63,419.42
198 $536.82 $264.25 $272.57 $63,146.85
199 $536.82 $263.11 $273.71 $62,873.14
200 $536.82 $261.97 $274.85 $62,598.29
201 $536.82 $260.83 $276.00 $62,322.30
202 $536.82 $259.68 $277.15 $62,045.15
203 $536.82 $258.52 $278.30 $61,766.85
204 $536.82 $257.36 $279.46 $61,487.39
205 $536.82 $256.20 $280.62 $61,206.77
206 $536.82 $255.03 $281.79 $60,924.97
207 $536.82 $253.85 $282.97 $60,642.00
208 $536.82 $252.68 $284.15 $60,357.86
209 $536.82 $251.49 $285.33 $60,072.53
210 $536.82 $250.30 $286.52 $59,786.01
211 $536.82 $249.11 $287.71 $59,498.29
212 $536.82 $247.91 $288.91 $59,209.38
213 $536.82 $246.71 $290.12 $58,919.27
214 $536.82 $245.50 $291.32 $58,627.94
215 $536.82 $244.28 $292.54 $58,335.40
216 $536.82 $243.06 $293.76 $58,041.65
217 $536.82 $241.84 $294.98 $57,746.66
218 $536.82 $240.61 $296.21 $57,450.45
219 $536.82 $239.38 $297.44 $57,153.01
220 $536.82 $238.14 $298.68 $56,854.33
221 $536.82 $236.89 $299.93 $56,554.40
222 $536.82 $235.64 $301.18 $56,253.22
223 $536.82 $234.39 $302.43 $55,950.79
224 $536.82 $233.13 $303.69 $55,647.09
225 $536.82 $231.86 $304.96 $55,342.13
226 $536.82 $230.59 $306.23 $55,035.90
227 $536.82 $229.32 $307.51 $54,728.40
228 $536.82 $228.03 $308.79 $54,419.61
229 $536.82 $226.75 $310.07 $54,109.54
230 $536.82 $225.46 $311.37 $53,798.17
231 $536.82 $224.16 $312.66 $53,485.51
232 $536.82 $222.86 $313.97 $53,171.55
233 $536.82 $221.55 $315.27 $52,856.27
234 $536.82 $220.23 $316.59 $52,539.68
235 $536.82 $218.92 $317.91 $52,221.78
236 $536.82 $217.59 $319.23 $51,902.55
237 $536.82 $216.26 $320.56 $51,581.99
238 $536.82 $214.92 $321.90 $51,260.09
239 $536.82 $213.58 $323.24 $50,936.85
240 $536.82 $212.24 $324.58 $50,612.27
241 $536.82 $210.88 $325.94 $50,286.33
242 $536.82 $209.53 $327.30 $49,959.04
243 $536.82 $208.16 $328.66 $49,630.38
244 $536.82 $206.79 $330.03 $49,300.35
245 $536.82 $205.42 $331.40 $48,968.94
246 $536.82 $204.04 $332.78 $48,636.16
247 $536.82 $202.65 $334.17 $48,301.99
248 $536.82 $201.26 $335.56 $47,966.43
249 $536.82 $199.86 $336.96 $47,629.46
250 $536.82 $198.46 $338.37 $47,291.10
251 $536.82 $197.05 $339.78 $46,951.32
252 $536.82 $195.63 $341.19 $46,610.13
253 $536.82 $194.21 $342.61 $46,267.52
254 $536.82 $192.78 $344.04 $45,923.48
255 $536.82 $191.35 $345.47 $45,578.01
256 $536.82 $189.91 $346.91 $45,231.09
257 $536.82 $188.46 $348.36 $44,882.73
258 $536.82 $187.01 $349.81 $44,532.92
259 $536.82 $185.55 $351.27 $44,181.66
260 $536.82 $184.09 $352.73 $43,828.92
261 $536.82 $182.62 $354.20 $43,474.72
262 $536.82 $181.14 $355.68 $43,119.05
263 $536.82 $179.66 $357.16 $42,761.89
264 $536.82 $178.17 $358.65 $42,403.24
265 $536.82 $176.68 $360.14 $42,043.10
266 $536.82 $175.18 $361.64 $41,681.46
267 $536.82 $173.67 $363.15 $41,318.31
268 $536.82 $172.16 $364.66 $40,953.65
269 $536.82 $170.64 $366.18 $40,587.46
270 $536.82 $169.11 $367.71 $40,219.76
271 $536.82 $167.58 $369.24 $39,850.52
272 $536.82 $166.04 $370.78 $39,479.74
273 $536.82 $164.50 $372.32 $39,107.42
274 $536.82 $162.95 $373.87 $38,733.54
275 $536.82 $161.39 $375.43 $38,358.11
276 $536.82 $159.83 $377.00 $37,981.11
277 $536.82 $158.25 $378.57 $37,602.55
278 $536.82 $156.68 $380.14 $37,222.40
279 $536.82 $155.09 $381.73 $36,840.68
280 $536.82 $153.50 $383.32 $36,457.36
281 $536.82 $151.91 $384.92 $36,072.44
282 $536.82 $150.30 $386.52 $35,685.92
283 $536.82 $148.69 $388.13 $35,297.79
284 $536.82 $147.07 $389.75 $34,908.04
285 $536.82 $145.45 $391.37 $34,516.67
286 $536.82 $143.82 $393.00 $34,123.67
287 $536.82 $142.18 $394.64 $33,729.03
288 $536.82 $140.54 $396.28 $33,332.75
289 $536.82 $138.89 $397.94 $32,934.81
290 $536.82 $137.23 $399.59 $32,535.22
291 $536.82 $135.56 $401.26 $32,133.96
292 $536.82 $133.89 $402.93 $31,731.03
293 $536.82 $132.21 $404.61 $31,326.42
294 $536.82 $130.53 $406.29 $30,920.12
295 $536.82 $128.83 $407.99 $30,512.14
296 $536.82 $127.13 $409.69 $30,102.45
297 $536.82 $125.43 $411.39 $29,691.05
298 $536.82 $123.71 $413.11 $29,277.95
299 $536.82 $121.99 $414.83 $28,863.12
300 $536.82 $120.26 $416.56 $28,446.56
301 $536.82 $118.53 $418.29 $28,028.26
302 $536.82 $116.78 $420.04 $27,608.23
303 $536.82 $115.03 $421.79 $27,186.44
304 $536.82 $113.28 $423.54 $26,762.89
305 $536.82 $111.51 $425.31 $26,337.58
306 $536.82 $109.74 $427.08 $25,910.50
307 $536.82 $107.96 $428.86 $25,481.64
308 $536.82 $106.17 $430.65 $25,050.99
309 $536.82 $104.38 $432.44 $24,618.55
310 $536.82 $102.58 $434.24 $24,184.31
311 $536.82 $100.77 $436.05 $23,748.25
312 $536.82 $98.95 $437.87 $23,310.38
313 $536.82 $97.13 $439.70 $22,870.69
314 $536.82 $95.29 $441.53 $22,429.16
315 $536.82 $93.45 $443.37 $21,985.79
316 $536.82 $91.61 $445.21 $21,540.58
317 $536.82 $89.75 $447.07 $21,093.51
318 $536.82 $87.89 $448.93 $20,644.58
319 $536.82 $86.02 $450.80 $20,193.77
320 $536.82 $84.14 $452.68 $19,741.09
321 $536.82 $82.25 $454.57 $19,286.53
322 $536.82 $80.36 $456.46 $18,830.07
323 $536.82 $78.46 $458.36 $18,371.70
324 $536.82 $76.55 $460.27 $17,911.43
325 $536.82 $74.63 $462.19 $17,449.24
326 $536.82 $72.71 $464.12 $16,985.12
327 $536.82 $70.77 $466.05 $16,519.07
328 $536.82 $68.83 $467.99 $16,051.08
329 $536.82 $66.88 $469.94 $15,581.14
330 $536.82 $64.92 $471.90 $15,109.24
331 $536.82 $62.96 $473.87 $14,635.37
332 $536.82 $60.98 $475.84 $14,159.53
333 $536.82 $59.00 $477.82 $13,681.71
334 $536.82 $57.01 $479.81 $13,201.89
335 $536.82 $55.01 $481.81 $12,720.08
336 $536.82 $53.00 $483.82 $12,236.26
337 $536.82 $50.98 $485.84 $11,750.42
338 $536.82 $48.96 $487.86 $11,262.56
339 $536.82 $46.93 $489.89 $10,772.66
340 $536.82 $44.89 $491.94 $10,280.73
341 $536.82 $42.84 $493.99 $9,786.74
342 $536.82 $40.78 $496.04 $9,290.70
343 $536.82 $38.71 $498.11 $8,792.59
344 $536.82 $36.64 $500.19 $8,292.40
345 $536.82 $34.55 $502.27 $7,790.13
346 $536.82 $32.46 $504.36 $7,285.77
347 $536.82 $30.36 $506.46 $6,779.31
348 $536.82 $28.25 $508.57 $6,270.73
349 $536.82 $26.13 $510.69 $5,760.04
350 $536.82 $24.00 $512.82 $5,247.22
351 $536.82 $21.86 $514.96 $4,732.26
352 $536.82 $19.72 $517.10 $4,215.16
353 $536.82 $17.56 $519.26 $3,695.90
354 $536.82 $15.40 $521.42 $3,174.47
355 $536.82 $13.23 $523.59 $2,650.88
356 $536.82 $11.05 $525.78 $2,125.10
357 $536.82 $8.85 $527.97 $1,597.14
358 $536.82 $6.65 $530.17 $1,066.97
359 $536.82 $4.45 $532.38 $534.59
360 $536.82 $2.23 $534.59 $0.00
Total $193,255.78 $93,255.78 $100,000.00

c) According to above table,

Balance after 5 years = $91,828.73

please see the attached file.

Download Attached File

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