Mortgage Loan Analysis: A resident in Victoria is planning to buy a new house in March 2018. The sale price of the house is $336,000. He plans to pay 20% down payments and borrow additional 80% from Wells Fargo with a 30-year, 4.375% fixed-rate mortgage loan. He is expected to pay an equal MONTHLY payment starting from April 2018 for a total of 30 years.
(1) Calculate the required monthly mortgage payment for Mr. Davidson.
(2) Construct the 2018~2047 amortization table for Mr. Davidson.
(1) Mr. Davidson should prepare his 2018 tax filings in early 2019. Please compute the total mortgage interest payments which he can use for his 2018 tax deductions.
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