Question: You plan to purchase a $300,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 7.5 percent. You will make a down payment of 10 percent of the purchase price.
a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Monthly payment $
b. Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amortization Schedule for first 6 payments (months)
Month Beginning Loan Balance Payment Interest Principal Ending Loan Balance
1
2
3
4
5
6