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Joe and Lauren have decided to buy a house for $279,000

Finance

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Joe and Lauren have decided to buy a house for $279,000. They will make a 20% down payment, and they expect to be approved for a 30-year mortgage with an interest rate of 3.75%. 

Question

Construct the first row of the amortization table for their mortgage.

How much of their first payment goes toward interest?  

How much of their first payment goes toward principal?  

After making their first payment, what is the remaining balance?  

Note: Round your answers to two decimal places. Do NOT include dollar signs in your answers.

 

Question 3

 

Construct the second row of the amortization table for their mortgage.

How much of their second payment goes toward interest?  

How much of their second payment goes toward principal?  

After making their second payment, what is the remaining balance?  

Note: Round your answers to two decimal places. Do NOT include dollar signs in your answers.