Home Mortgage Excel Spreadsheet Assignment

Home Mortgage Spreadsheet Assignment

The purpose of this project is to investigate the cost of a home mortgage.

A couple has decided to purchase a home. The negotiated price is $175,000 The couple can pay the standard 20% down payment, and the rest will be financed at the annual interest rate of 4.5% for a 30-year loan.

Some questions: 1. Is a mortgage agreement a type of annuity? Yes

2. Calculate the down payment. 35,000.00$

3. Calculate the amount to be borrowed (amortized). 140,000.00$

4. Calculate the monthly payment. $709.36

5. Since there will be 360 monthly payments, how much will actually be paid for the home? Don't forget to add in the down payment. $290,369.40

6. How much of your result from Question 5 is interes $115,369.40

7. Complete the ammortization table below for all 360 payments. As you complete the rows, pay attention to the amount of interest and the amount of principal that is paid each month.

Some hints: Complete rows 1 and 2 of the table, then copy row 2 over and over in order to finish the table at the 360th row.

As you copy the rows, make sure that the monthly payment amount does not change. Your monthly payment amount is an absolute cell reference.

You do not have to enter each period number individually. In the first row of your table, enter 1. In the second row of your table, enter a formula, "=cell + 1". Then copy that cell formula down the column of your table.

Period # Outstanding Principal Interest Due Payment Amount

Portion of Principal Reduced

1 140,000.00$ 525.00$ $709.36 184.36$ 2 139,815.64$ 524.31$ $709.36 185.05$ 3 139,630.59$ 523.61$ $709.36 185.74$ 4 139,444.85$ 522.92$ $709.36 186.44$ 5 139,258.40$ 522.22$ $709.36 187.14$ 6 139,071.26$ 521.52$ $709.36 187.84$ 7 138,883.42$ 520.81$ $709.36 188.55$ 8 138,694.87$ 520.11$ $709.36 189.25$ 9 138,505.62$ 519.40$ $709.36 189.96$

10 138,315.66$ 518.68$ $709.36 190.68$ 11 138,124.98$ 517.97$ $709.36 191.39$ 12 137,933.59$ 517.25$ $709.36 192.11$ 13 137,741.48$ 516.53$ $709.36 192.83$

14 137,548.65$ 515.81$ $709.36 193.55$ 15 137,355.10$ 515.08$ $709.36 194.28$ 16 137,160.82$ 514.35$ $709.36 195.01$ 17 136,965.82$ 513.62$ $709.36 195.74$ 18 136,770.08$ 512.89$ $709.36 196.47$ 19 136,573.61$ 512.15$ $709.36 197.21$ 20 136,376.40$ 511.41$ $709.36 197.95$ 21 136,178.45$ 510.67$ $709.36 198.69$ 22 135,979.76$ 509.92$ $709.36 199.44$ 23 135,780.33$ 509.18$ $709.36 200.18$ 24 135,580.14$ 508.43$ $709.36 200.93$ 25 135,379.21$ 507.67$ $709.36 201.69$ 26 135,177.52$ 506.92$ $709.36 202.44$ 27 134,975.08$ 506.16$ $709.36 203.20$ 28 134,771.88$ 505.39$ $709.36 203.96$ 29 134,567.91$ 504.63$ $709.36 204.73$ 30 134,363.18$ 503.86$ $709.36 205.50$ 31 134,157.68$ 503.09$ $709.36 206.27$ 32 133,951.42$ 502.32$ $709.36 207.04$ 33 133,744.37$ 501.54$ $709.36 207.82$ 34 133,536.56$ 500.76$ $709.36 208.60$ 35 133,327.96$ 499.98$ $709.36 209.38$ 36 133,118.58$ 499.19$ $709.36 210.16$ 37 132,908.41$ 498.41$ $709.36 210.95$ 38 132,697.46$ 497.62$ $709.36 211.74$ 39 132,485.72$ 496.82$ $709.36 212.54$ 40 132,273.18$ 496.02$ $709.36 213.34$ 41 132,059.84$ 495.22$ $709.36 214.14$ 42 131,845.71$ 494.42$ $709.36 214.94$ 43 131,630.77$ 493.62$ $709.36 215.74$ 44 131,415.03$ 492.81$ $709.36 216.55$ 45 131,198.47$ 491.99$ $709.36 217.37$ 46 130,981.11$ 491.18$ $709.36 218.18$ 47 130,762.93$ 490.36$ $709.36 219.00$ 48 130,543.93$ 489.54$ $709.36 219.82$ 49 130,324.11$ 488.72$ $709.36 220.64$ 50 130,103.47$ 487.89$ $709.36 221.47$ 51 129,881.99$ 487.06$ $709.36 222.30$ 52 129,659.69$ 486.22$ $709.36 223.14$ 53 129,436.56$ 485.39$ $709.36 223.97$ 54 129,212.58$ 484.55$ $709.36 224.81$ 55 128,987.77$ 483.70$ $709.36 225.66$ 56 128,762.12$ 482.86$ $709.36 226.50$ 57 128,535.62$ 482.01$ $709.36 227.35$ 58 128,308.26$ 481.16$ $709.36 228.20$ 59 128,080.06$ 480.30$ $709.36 229.06$ 60 127,851.00$ 479.44$ $709.36 229.92$ 61 127,621.08$ 478.58$ $709.36 230.78$ 62 127,390.30$ 477.71$ $709.36 231.65$ 63 127,158.66$ 476.84$ $709.36 232.51$ 64 126,926.14$ 475.97$ $709.36 233.39$ 65 126,692.76$ 475.10$ $709.36 234.26$

66 126,458.50$ 474.22$ $709.36 235.14$ 67 126,223.36$ 473.34$ $709.36 236.02$ 68 125,987.33$ 472.45$ $709.36 236.91$ 69 125,750.43$ 471.56$ $709.36 237.80$ 70 125,512.63$ 470.67$ $709.36 238.69$ 71 125,273.94$ 469.78$ $709.36 239.58$ 72 125,034.36$ 468.88$ $709.36 240.48$ 73 124,793.88$ 467.98$ $709.36 241.38$ 74 124,552.50$ 467.07$ $709.36 242.29$ 75 124,310.21$ 466.16$ $709.36 243.20$ 76 124,067.02$ 465.25$ $709.36 244.11$ 77 123,822.91$ 464.34$ $709.36 245.02$ 78 123,577.88$ 463.42$ $709.36 245.94$ 79 123,331.94$ 462.49$ $709.36 246.86$ 80 123,085.08$ 461.57$ $709.36 247.79$ 81 122,837.29$ 460.64$ $709.36 248.72$ 82 122,588.57$ 459.71$ $709.36 249.65$ 83 122,338.91$ 458.77$ $709.36 250.59$ 84 122,088.33$ 457.83$ $709.36 251.53$ 85 121,836.80$ 456.89$ $709.36 252.47$ 86 121,584.33$ 455.94$ $709.36 253.42$ 87 121,330.91$ 454.99$ $709.36 254.37$ 88 121,076.54$ 454.04$ $709.36 255.32$ 89 120,821.22$ 453.08$ $709.36 256.28$ 90 120,564.94$ 452.12$ $709.36 257.24$ 91 120,307.70$ 451.15$ $709.36 258.21$ 92 120,049.49$ 450.19$ $709.36 259.17$ 93 119,790.32$ 449.21$ $709.36 260.15$ 94 119,530.17$ 448.24$ $709.36 261.12$ 95 119,269.05$ 447.26$ $709.36 262.10$ 96 119,006.95$ 446.28$ $709.36 263.08$ 97 118,743.87$ 445.29$ $709.36 264.07$ 98 118,479.80$ 444.30$ $709.36 265.06$ 99 118,214.74$ 443.31$ $709.36 266.05$ 100 117,948.68$ 442.31$ $709.36 267.05$ 101 117,681.63$ 441.31$ $709.36 268.05$ 102 117,413.58$ 440.30$ $709.36 269.06$ 103 117,144.52$ 439.29$ $709.36 270.07$ 104 116,874.45$ 438.28$ $709.36 271.08$ 105 116,603.37$ 437.26$ $709.36 272.10$ 106 116,331.27$ 436.24$ $709.36 273.12$ 107 116,058.16$ 435.22$ $709.36 274.14$ 108 115,784.01$ 434.19$ $709.36 275.17$ 109 115,508.85$ 433.16$ $709.36 276.20$ 110 115,232.64$ 432.12$ $709.36 277.24$ 111 114,955.41$ 431.08$ $709.36 278.28$ 112 114,677.13$ 430.04$ $709.36 279.32$ 113 114,397.81$ 428.99$ $709.36 280.37$ 114 114,117.44$ 427.94$ $709.36 281.42$ 115 113,836.02$ 426.89$ $709.36 282.47$ 116 113,553.55$ 425.83$ $709.36 283.53$ 117 113,270.02$ 424.76$ $709.36 284.60$

118 112,985.42$ 423.70$ $709.36 285.66$ 119 112,699.75$ 422.62$ $709.36 286.74$ 120 112,413.02$ 421.55$ $709.36 287.81$ 121 112,125.21$ 420.47$ $709.36 288.89$ 122 111,836.32$ 419.39$ $709.36 289.97$ 123 111,546.35$ 418.30$ $709.36 291.06$ 124 111,255.28$ 417.21$ $709.36 292.15$ 125 110,963.13$ 416.11$ $709.36 293.25$ 126 110,669.89$ 415.01$ $709.36 294.35$ 127 110,375.54$ 413.91$ $709.36 295.45$ 128 110,080.09$ 412.80$ $709.36 296.56$ 129 109,783.53$ 411.69$ $709.36 297.67$ 130 109,485.86$ 410.57$ $709.36 298.79$ 131 109,187.07$ 409.45$ $709.36 299.91$ 132 108,887.16$ 408.33$ $709.36 301.03$ 133 108,586.13$ 407.20$ $709.36 302.16$ 134 108,283.97$ 406.06$ $709.36 303.29$ 135 107,980.67$ 404.93$ $709.36 304.43$ 136 107,676.24$ 403.79$ $709.36 305.57$ 137 107,370.67$ 402.64$ $709.36 306.72$ 138 107,063.95$ 401.49$ $709.36 307.87$ 139 106,756.08$ 400.34$ $709.36 309.02$ 140 106,447.05$ 399.18$ $709.36 310.18$ 141 106,136.87$ 398.01$ $709.36 311.35$ 142 105,825.52$ 396.85$ $709.36 312.51$ 143 105,513.01$ 395.67$ $709.36 313.69$ 144 105,199.33$ 394.50$ $709.36 314.86$ 145 104,884.46$ 393.32$ $709.36 316.04$ 146 104,568.42$ 392.13$ $709.36 317.23$ 147 104,251.19$ 390.94$ $709.36 318.42$ 148 103,932.78$ 389.75$ $709.36 319.61$ 149 103,613.16$ 388.55$ $709.36 320.81$ 150 103,292.35$ 387.35$ $709.36 322.01$ 151 102,970.34$ 386.14$ $709.36 323.22$ 152 102,647.12$ 384.93$ $709.36 324.43$ 153 102,322.69$ 383.71$ $709.36 325.65$ 154 101,997.04$ 382.49$ $709.36 326.87$ 155 101,670.17$ 381.26$ $709.36 328.10$ 156 101,342.07$ 380.03$ $709.36 329.33$ 157 101,012.74$ 378.80$ $709.36 330.56$ 158 100,682.18$ 377.56$ $709.36 331.80$ 159 100,350.38$ 376.31$ $709.36 333.05$ 160 100,017.34$ 375.07$ $709.36 334.29$ 161 99,683.04$ 373.81$ $709.36 335.55$ 162 99,347.49$ 372.55$ $709.36 336.81$ 163 99,010.69$ 371.29$ $709.36 338.07$ 164 98,672.62$ 370.02$ $709.36 339.34$ 165 98,333.28$ 368.75$ $709.36 340.61$ 166 97,992.67$ 367.47$ $709.36 341.89$ 167 97,650.78$ 366.19$ $709.36 343.17$ 168 97,307.62$ 364.90$ $709.36 344.46$ 169 96,963.16$ 363.61$ $709.36 345.75$

170 96,617.41$ 362.32$ $709.36 347.04$ 171 96,270.37$ 361.01$ $709.36 348.35$ 172 95,922.02$ 359.71$ $709.36 349.65$ 173 95,572.37$ 358.40$ $709.36 350.96$ 174 95,221.41$ 357.08$ $709.36 352.28$ 175 94,869.13$ 355.76$ $709.36 353.60$ 176 94,515.53$ 354.43$ $709.36 354.93$ 177 94,160.60$ 353.10$ $709.36 356.26$ 178 93,804.34$ 351.77$ $709.36 357.59$ 179 93,446.75$ 350.43$ $709.36 358.93$ 180 93,087.82$ 349.08$ $709.36 360.28$ 181 92,727.54$ 347.73$ $709.36 361.63$ 182 92,365.91$ 346.37$ $709.36 362.99$ 183 92,002.92$ 345.01$ $709.36 364.35$ 184 91,638.57$ 343.64$ $709.36 365.71$ 185 91,272.86$ 342.27$ $709.36 367.09$ 186 90,905.77$ 340.90$ $709.36 368.46$ 187 90,537.31$ 339.51$ $709.36 369.84$ 188 90,167.46$ 338.13$ $709.36 371.23$ 189 89,796.23$ 336.74$ $709.36 372.62$ 190 89,423.61$ 335.34$ $709.36 374.02$ 191 89,049.59$ 333.94$ $709.36 375.42$ 192 88,674.16$ 332.53$ $709.36 376.83$ 193 88,297.33$ 331.11$ $709.36 378.24$ 194 87,919.09$ 329.70$ $709.36 379.66$ 195 87,539.42$ 328.27$ $709.36 381.09$ 196 87,158.34$ 326.84$ $709.36 382.52$ 197 86,775.82$ 325.41$ $709.36 383.95$ 198 86,391.87$ 323.97$ $709.36 385.39$ 199 86,006.48$ 322.52$ $709.36 386.84$ 200 85,619.65$ 321.07$ $709.36 388.29$ 201 85,231.36$ 319.62$ $709.36 389.74$ 202 84,841.62$ 318.16$ $709.36 391.20$ 203 84,450.42$ 316.69$ $709.36 392.67$ 204 84,057.74$ 315.22$ $709.36 394.14$ 205 83,663.60$ 313.74$ $709.36 395.62$ 206 83,267.98$ 312.25$ $709.36 397.10$ 207 82,870.88$ 310.77$ $709.36 398.59$ 208 82,472.28$ 309.27$ $709.36 400.09$ 209 82,072.19$ 307.77$ $709.36 401.59$ 210 81,670.61$ 306.26$ $709.36 403.09$ 211 81,267.51$ 304.75$ $709.36 404.61$ 212 80,862.90$ 303.24$ $709.36 406.12$ 213 80,456.78$ 301.71$ $709.36 407.65$ 214 80,049.13$ 300.18$ $709.36 409.18$ 215 79,639.96$ 298.65$ $709.36 410.71$ 216 79,229.25$ 297.11$ $709.36 412.25$ 217 78,817.00$ 295.56$ $709.36 413.80$ 218 78,403.20$ 294.01$ $709.36 415.35$ 219 77,987.86$ 292.45$ $709.36 416.90$ 220 77,570.95$ 290.89$ $709.36 418.47$ 221 77,152.48$ 289.32$ $709.36 420.04$

222 76,732.45$ 287.75$ $709.36 421.61$ 223 76,310.83$ 286.17$ $709.36 423.19$ 224 75,887.64$ 284.58$ $709.36 424.78$ 225 75,462.86$ 282.99$ $709.36 426.37$ 226 75,036.49$ 281.39$ $709.36 427.97$ 227 74,608.51$ 279.78$ $709.36 429.58$ 228 74,178.93$ 278.17$ $709.36 431.19$ 229 73,747.75$ 276.55$ $709.36 432.81$ 230 73,314.94$ 274.93$ $709.36 434.43$ 231 72,880.51$ 273.30$ $709.36 436.06$ 232 72,444.46$ 271.67$ $709.36 437.69$ 233 72,006.76$ 270.03$ $709.36 439.33$ 234 71,567.43$ 268.38$ $709.36 440.98$ 235 71,126.45$ 266.72$ $709.36 442.64$ 236 70,683.81$ 265.06$ $709.36 444.30$ 237 70,239.52$ 263.40$ $709.36 445.96$ 238 69,793.56$ 261.73$ $709.36 447.63$ 239 69,345.92$ 260.05$ $709.36 449.31$ 240 68,896.61$ 258.36$ $709.36 451.00$ 241 68,445.61$ 256.67$ $709.36 452.69$ 242 67,992.92$ 254.97$ $709.36 454.39$ 243 67,538.54$ 253.27$ $709.36 456.09$ 244 67,082.45$ 251.56$ $709.36 457.80$ 245 66,624.65$ 249.84$ $709.36 459.52$ 246 66,165.13$ 248.12$ $709.36 461.24$ 247 65,703.89$ 246.39$ $709.36 462.97$ 248 65,240.92$ 244.65$ $709.36 464.71$ 249 64,776.21$ 242.91$ $709.36 466.45$ 250 64,309.77$ 241.16$ $709.36 468.20$ 251 63,841.57$ 239.41$ $709.36 469.95$ 252 63,371.61$ 237.64$ $709.36 471.72$ 253 62,899.90$ 235.87$ $709.36 473.48$ 254 62,426.41$ 234.10$ $709.36 475.26$ 255 61,951.15$ 232.32$ $709.36 477.04$ 256 61,474.11$ 230.53$ $709.36 478.83$ 257 60,995.28$ 228.73$ $709.36 480.63$ 258 60,514.65$ 226.93$ $709.36 482.43$ 259 60,032.22$ 225.12$ $709.36 484.24$ 260 59,547.98$ 223.30$ $709.36 486.05$ 261 59,061.93$ 221.48$ $709.36 487.88$ 262 58,574.05$ 219.65$ $709.36 489.71$ 263 58,084.35$ 217.82$ $709.36 491.54$ 264 57,592.80$ 215.97$ $709.36 493.39$ 265 57,099.42$ 214.12$ $709.36 495.24$ 266 56,604.18$ 212.27$ $709.36 497.09$ 267 56,107.09$ 210.40$ $709.36 498.96$ 268 55,608.13$ 208.53$ $709.36 500.83$ 269 55,107.30$ 206.65$ $709.36 502.71$ 270 54,604.59$ 204.77$ $709.36 504.59$ 271 54,100.00$ 202.87$ $709.36 506.48$ 272 53,593.52$ 200.98$ $709.36 508.38$ 273 53,085.13$ 199.07$ $709.36 510.29$

274 52,574.84$ 197.16$ $709.36 512.20$ 275 52,062.64$ 195.23$ $709.36 514.12$ 276 51,548.51$ 193.31$ $709.36 516.05$ 277 51,032.46$ 191.37$ $709.36 517.99$ 278 50,514.47$ 189.43$ $709.36 519.93$ 279 49,994.54$ 187.48$ $709.36 521.88$ 280 49,472.66$ 185.52$ $709.36 523.84$ 281 48,948.83$ 183.56$ $709.36 525.80$ 282 48,423.02$ 181.59$ $709.36 527.77$ 283 47,895.25$ 179.61$ $709.36 529.75$ 284 47,365.50$ 177.62$ $709.36 531.74$ 285 46,833.76$ 175.63$ $709.36 533.73$ 286 46,300.03$ 173.63$ $709.36 535.73$ 287 45,764.29$ 171.62$ $709.36 537.74$ 288 45,226.55$ 169.60$ $709.36 539.76$ 289 44,686.79$ 167.58$ $709.36 541.78$ 290 44,145.01$ 165.54$ $709.36 543.82$ 291 43,601.19$ 163.50$ $709.36 545.85$ 292 43,055.34$ 161.46$ $709.36 547.90$ 293 42,507.43$ 159.40$ $709.36 549.96$ 294 41,957.48$ 157.34$ $709.36 552.02$ 295 41,405.46$ 155.27$ $709.36 554.09$ 296 40,851.37$ 153.19$ $709.36 556.17$ 297 40,295.20$ 151.11$ $709.36 558.25$ 298 39,736.95$ 149.01$ $709.36 560.35$ 299 39,176.60$ 146.91$ $709.36 562.45$ 300 38,614.16$ 144.80$ $709.36 564.56$ 301 38,049.60$ 142.69$ $709.36 566.67$ 302 37,482.93$ 140.56$ $709.36 568.80$ 303 36,914.13$ 138.43$ $709.36 570.93$ 304 36,343.20$ 136.29$ $709.36 573.07$ 305 35,770.12$ 134.14$ $709.36 575.22$ 306 35,194.90$ 131.98$ $709.36 577.38$ 307 34,617.52$ 129.82$ $709.36 579.54$ 308 34,037.98$ 127.64$ $709.36 581.72$ 309 33,456.26$ 125.46$ $709.36 583.90$ 310 32,872.37$ 123.27$ $709.36 586.09$ 311 32,286.28$ 121.07$ $709.36 588.29$ 312 31,697.99$ 118.87$ $709.36 590.49$ 313 31,107.50$ 116.65$ $709.36 592.71$ 314 30,514.79$ 114.43$ $709.36 594.93$ 315 29,919.86$ 112.20$ $709.36 597.16$ 316 29,322.70$ 109.96$ $709.36 599.40$ 317 28,723.31$ 107.71$ $709.36 601.65$ 318 28,121.66$ 105.46$ $709.36 603.90$ 319 27,517.75$ 103.19$ $709.36 606.17$ 320 26,911.59$ 100.92$ $709.36 608.44$ 321 26,303.15$ 98.64$ $709.36 610.72$ 322 25,692.42$ 96.35$ $709.36 613.01$ 323 25,079.41$ 94.05$ $709.36 615.31$ 324 24,464.10$ 91.74$ $709.36 617.62$ 325 23,846.48$ 89.42$ $709.36 619.94$

326 23,226.54$ 87.10$ $709.36 622.26$ 327 22,604.28$ 84.77$ $709.36 624.59$ 328 21,979.69$ 82.42$ $709.36 626.94$ 329 21,352.76$ 80.07$ $709.36 629.29$ 330 20,723.47$ 77.71$ $709.36 631.65$ 331 20,091.82$ 75.34$ $709.36 634.02$ 332 19,457.81$ 72.97$ $709.36 636.39$ 333 18,821.42$ 70.58$ $709.36 638.78$ 334 18,182.64$ 68.18$ $709.36 641.17$ 335 17,541.46$ 65.78$ $709.36 643.58$ 336 16,897.88$ 63.37$ $709.36 645.99$ 337 16,251.89$ 60.94$ $709.36 648.41$ 338 15,603.48$ 58.51$ $709.36 650.85$ 339 14,952.63$ 56.07$ $709.36 653.29$ 340 14,299.34$ 53.62$ $709.36 655.74$ 341 13,643.60$ 51.16$ $709.36 658.20$ 342 12,985.41$ 48.70$ $709.36 660.66$ 343 12,324.74$ 46.22$ $709.36 663.14$ 344 11,661.60$ 43.73$ $709.36 665.63$ 345 10,995.97$ 41.23$ $709.36 668.12$ 346 10,327.85$ 38.73$ $709.36 670.63$ 347 9,657.22$ 36.21$ $709.36 673.14$ 348 8,984.08$ 33.69$ $709.36 675.67$ 349 8,308.41$ 31.16$ $709.36 678.20$ 350 7,630.20$ 28.61$ $709.36 680.75$ 351 6,949.46$ 26.06$ $709.36 683.30$ 352 6,266.16$ 23.50$ $709.36 685.86$ 353 5,580.30$ 20.93$ $709.36 688.43$ 354 4,891.86$ 18.34$ $709.36 691.01$ 355 4,200.85$ 15.75$ $709.36 693.61$ 356 3,507.24$ 13.15$ $709.36 696.21$ 357 2,811.03$ 10.54$ $709.36 698.82$ 358 2,112.22$ 7.92$ $709.36 701.44$ 359 1,410.78$ 5.29$ $709.36 704.07$ 360 706.71$ 2.65$ $709.36 706.71$

Total 115,369.40$ 255,369.40$ 140,000.00$

More Questions:

8. The first payment consists of $________ in interest and $_________ in principal. 525.00$ in interest 184.36$ in principal

9. So, approximatlely the first 200 payments consist of mostly _________. interest

10. As the number of payments increases, what happens to the amount of interest that is included in each month's payment?

The amount of interest decreases each month.

11. As the number of payments increases, what happens to the amount of principal that is included in each month's payment?

The amount of principal increases each month.

12. Sum up the "Interest" column in the above table. Does it agree with your calculation in question 6? Yes

13. Sum up the column in the above table titled, "Payment Amount" in the above table. Does it agree with your calculation in question 5 (minus the down payment)?

Yes

14. Sum up the column in the above table titled, "Portion of Principal Reduced" in the above table. Does it agree with your calculation in question 3?

Yes

15.Suppose the couple decides to deposit an extra $100 in principal each month. Complete the ammortization table below.

Period # Outstanding Principal Interest Due Payment Amount Extra Principal

Deposit Portion of

Principal Reduced 1 140,000.00$ 525.00$ $709.36 100.00$ 284.36$ 2 139,715.64$ 523.93$ $709.36 100.00$ 285.43$ 3 139,430.21$ 522.86$ $709.36 100.00$ 286.50$ 4 139,143.72$ 521.79$ $709.36 100.00$ 287.57$ 5 138,856.15$ 520.71$ $709.36 100.00$ 288.65$ 6 138,567.50$ 519.63$ $709.36 100.00$ 289.73$ 7 138,277.77$ 518.54$ $709.36 100.00$ 290.82$ 8 137,986.95$ 517.45$ $709.36 100.00$ 291.91$ 9 137,695.04$ 516.36$ $709.36 100.00$ 293.00$

10 137,402.04$ 515.26$ $709.36 100.00$ 294.10$ 11 137,107.94$ 514.15$ $709.36 100.00$ 295.20$ 12 136,812.73$ 513.05$ $709.36 100.00$ 296.31$ 13 136,516.42$ 511.94$ $709.36 100.00$ 297.42$ 14 136,219.00$ 510.82$ $709.36 100.00$ 298.54$ 15 135,920.46$ 509.70$ $709.36 100.00$ 299.66$ 16 135,620.80$ 508.58$ $709.36 100.00$ 300.78$ 17 135,320.02$ 507.45$ $709.36 100.00$ 301.91$ 18 135,018.11$ 506.32$ $709.36 100.00$ 303.04$ 19 134,715.07$ 505.18$ $709.36 100.00$ 304.18$ 20 134,410.89$ 504.04$ $709.36 100.00$ 305.32$ 21 134,105.57$ 502.90$ $709.36 100.00$ 306.46$ 22 133,799.11$ 501.75$ $709.36 100.00$ 307.61$ 23 133,491.50$ 500.59$ $709.36 100.00$ 308.77$ 24 133,182.73$ 499.44$ $709.36 100.00$ 309.92$ 25 132,872.81$ 498.27$ $709.36 100.00$ 311.09$ 26 132,561.72$ 497.11$ $709.36 100.00$ 312.25$ 27 132,249.47$ 495.94$ $709.36 100.00$ 313.42$ 28 131,936.04$ 494.76$ $709.36 100.00$ 314.60$ 29 131,621.44$ 493.58$ $709.36 100.00$ 315.78$ 30 131,305.66$ 492.40$ $709.36 100.00$ 316.96$ 31 130,988.70$ 491.21$ $709.36 100.00$ 318.15$ 32 130,670.55$ 490.01$ $709.36 100.00$ 319.34$ 33 130,351.20$ 488.82$ $709.36 100.00$ 320.54$

34 130,030.66$ 487.61$ $709.36 100.00$ 321.74$ 35 129,708.92$ 486.41$ $709.36 100.00$ 322.95$ 36 129,385.97$ 485.20$ $709.36 100.00$ 324.16$ 37 129,061.80$ 483.98$ $709.36 100.00$ 325.38$ 38 128,736.43$ 482.76$ $709.36 100.00$ 326.60$ 39 128,409.83$ 481.54$ $709.36 100.00$ 327.82$ 40 128,082.01$ 480.31$ $709.36 100.00$ 329.05$ 41 127,752.95$ 479.07$ $709.36 100.00$ 330.29$ 42 127,422.67$ 477.84$ $709.36 100.00$ 331.52$ 43 127,091.14$ 476.59$ $709.36 100.00$ 332.77$ 44 126,758.38$ 475.34$ $709.36 100.00$ 334.02$ 45 126,424.36$ 474.09$ $709.36 100.00$ 335.27$ 46 126,089.09$ 472.83$ $709.36 100.00$ 336.53$ 47 125,752.57$ 471.57$ $709.36 100.00$ 337.79$ 48 125,414.78$ 470.31$ $709.36 100.00$ 339.05$ 49 125,075.73$ 469.03$ $709.36 100.00$ 340.33$ 50 124,735.40$ 467.76$ $709.36 100.00$ 341.60$ 51 124,393.80$ 466.48$ $709.36 100.00$ 342.88$ 52 124,050.92$ 465.19$ $709.36 100.00$ 344.17$ 53 123,706.75$ 463.90$ $709.36 100.00$ 345.46$ 54 123,361.29$ 462.60$ $709.36 100.00$ 346.75$ 55 123,014.53$ 461.30$ $709.36 100.00$ 348.05$ 56 122,666.48$ 460.00$ $709.36 100.00$ 349.36$ 57 122,317.12$ 458.69$ $709.36 100.00$ 350.67$ 58 121,966.45$ 457.37$ $709.36 100.00$ 351.99$ 59 121,614.46$ 456.05$ $709.36 100.00$ 353.31$ 60 121,261.16$ 454.73$ $709.36 100.00$ 354.63$ 61 120,906.53$ 453.40$ $709.36 100.00$ 355.96$ 62 120,550.57$ 452.06$ $709.36 100.00$ 357.29$ 63 120,193.27$ 450.72$ $709.36 100.00$ 358.63$ 64 119,834.64$ 449.38$ $709.36 100.00$ 359.98$ 65 119,474.66$ 448.03$ $709.36 100.00$ 361.33$ 66 119,113.33$ 446.67$ $709.36 100.00$ 362.68$ 67 118,750.65$ 445.31$ $709.36 100.00$ 364.04$ 68 118,386.60$ 443.95$ $709.36 100.00$ 365.41$ 69 118,021.19$ 442.58$ $709.36 100.00$ 366.78$ 70 117,654.41$ 441.20$ $709.36 100.00$ 368.16$ 71 117,286.26$ 439.82$ $709.36 100.00$ 369.54$ 72 116,916.72$ 438.44$ $709.36 100.00$ 370.92$ 73 116,545.80$ 437.05$ $709.36 100.00$ 372.31$ 74 116,173.49$ 435.65$ $709.36 100.00$ 373.71$ 75 115,799.78$ 434.25$ $709.36 100.00$ 375.11$ 76 115,424.67$ 432.84$ $709.36 100.00$ 376.52$ 77 115,048.15$ 431.43$ $709.36 100.00$ 377.93$ 78 114,670.22$ 430.01$ $709.36 100.00$ 379.35$ 79 114,290.87$ 428.59$ $709.36 100.00$ 380.77$ 80 113,910.11$ 427.16$ $709.36 100.00$ 382.20$ 81 113,527.91$ 425.73$ $709.36 100.00$ 383.63$ 82 113,144.28$ 424.29$ $709.36 100.00$ 385.07$ 83 112,759.21$ 422.85$ $709.36 100.00$ 386.51$ 84 112,372.70$ 421.40$ $709.36 100.00$ 387.96$ 85 111,984.74$ 419.94$ $709.36 100.00$ 389.42$

86 111,595.32$ 418.48$ $709.36 100.00$ 390.88$ 87 111,204.44$ 417.02$ $709.36 100.00$ 392.34$ 88 110,812.10$ 415.55$ $709.36 100.00$ 393.81$ 89 110,418.29$ 414.07$ $709.36 100.00$ 395.29$ 90 110,023.00$ 412.59$ $709.36 100.00$ 396.77$ 91 109,626.22$ 411.10$ $709.36 100.00$ 398.26$ 92 109,227.96$ 409.60$ $709.36 100.00$ 399.75$ 93 108,828.21$ 408.11$ $709.36 100.00$ 401.25$ 94 108,426.95$ 406.60$ $709.36 100.00$ 402.76$ 95 108,024.20$ 405.09$ $709.36 100.00$ 404.27$ 96 107,619.93$ 403.57$ $709.36 100.00$ 405.78$ 97 107,214.14$ 402.05$ $709.36 100.00$ 407.31$ 98 106,806.84$ 400.53$ $709.36 100.00$ 408.83$ 99 106,398.00$ 398.99$ $709.36 100.00$ 410.37$ 100 105,987.63$ 397.45$ $709.36 100.00$ 411.91$ 101 105,575.73$ 395.91$ $709.36 100.00$ 413.45$ 102 105,162.28$ 394.36$ $709.36 100.00$ 415.00$ 103 104,747.28$ 392.80$ $709.36 100.00$ 416.56$ 104 104,330.72$ 391.24$ $709.36 100.00$ 418.12$ 105 103,912.60$ 389.67$ $709.36 100.00$ 419.69$ 106 103,492.91$ 388.10$ $709.36 100.00$ 421.26$ 107 103,071.65$ 386.52$ $709.36 100.00$ 422.84$ 108 102,648.81$ 384.93$ $709.36 100.00$ 424.43$ 109 102,224.39$ 383.34$ $709.36 100.00$ 426.02$ 110 101,798.37$ 381.74$ $709.36 100.00$ 427.62$ 111 101,370.75$ 380.14$ $709.36 100.00$ 429.22$ 112 100,941.53$ 378.53$ $709.36 100.00$ 430.83$ 113 100,510.70$ 376.92$ $709.36 100.00$ 432.44$ 114 100,078.26$ 375.29$ $709.36 100.00$ 434.07$ 115 99,644.19$ 373.67$ $709.36 100.00$ 435.69$ 116 99,208.50$ 372.03$ $709.36 100.00$ 437.33$ 117 98,771.17$ 370.39$ $709.36 100.00$ 438.97$ 118 98,332.21$ 368.75$ $709.36 100.00$ 440.61$ 119 97,891.59$ 367.09$ $709.36 100.00$ 442.27$ 120 97,449.33$ 365.43$ $709.36 100.00$ 443.92$ 121 97,005.40$ 363.77$ $709.36 100.00$ 445.59$ 122 96,559.81$ 362.10$ $709.36 100.00$ 447.26$ 123 96,112.55$ 360.42$ $709.36 100.00$ 448.94$ 124 95,663.61$ 358.74$ $709.36 100.00$ 450.62$ 125 95,212.99$ 357.05$ $709.36 100.00$ 452.31$ 126 94,760.68$ 355.35$ $709.36 100.00$ 454.01$ 127 94,306.68$ 353.65$ $709.36 100.00$ 455.71$ 128 93,850.97$ 351.94$ $709.36 100.00$ 457.42$ 129 93,393.55$ 350.23$ $709.36 100.00$ 459.13$ 130 92,934.41$ 348.50$ $709.36 100.00$ 460.86$ 131 92,473.56$ 346.78$ $709.36 100.00$ 462.58$ 132 92,010.98$ 345.04$ $709.36 100.00$ 464.32$ 133 91,546.66$ 343.30$ $709.36 100.00$ 466.06$ 134 91,080.60$ 341.55$ $709.36 100.00$ 467.81$ 135 90,612.79$ 339.80$ $709.36 100.00$ 469.56$ 136 90,143.23$ 338.04$ $709.36 100.00$ 471.32$ 137 89,671.91$ 336.27$ $709.36 100.00$ 473.09$

138 89,198.82$ 334.50$ $709.36 100.00$ 474.86$ 139 88,723.95$ 332.71$ $709.36 100.00$ 476.64$ 140 88,247.31$ 330.93$ $709.36 100.00$ 478.43$ 141 87,768.88$ 329.13$ $709.36 100.00$ 480.23$ 142 87,288.65$ 327.33$ $709.36 100.00$ 482.03$ 143 86,806.62$ 325.52$ $709.36 100.00$ 483.83$ 144 86,322.79$ 323.71$ $709.36 100.00$ 485.65$ 145 85,837.14$ 321.89$ $709.36 100.00$ 487.47$ 146 85,349.67$ 320.06$ $709.36 100.00$ 489.30$ 147 84,860.37$ 318.23$ $709.36 100.00$ 491.13$ 148 84,369.24$ 316.38$ $709.36 100.00$ 492.97$ 149 83,876.26$ 314.54$ $709.36 100.00$ 494.82$ 150 83,381.44$ 312.68$ $709.36 100.00$ 496.68$ 151 82,884.76$ 310.82$ $709.36 100.00$ 498.54$ 152 82,386.22$ 308.95$ $709.36 100.00$ 500.41$ 153 81,885.81$ 307.07$ $709.36 100.00$ 502.29$ 154 81,383.52$ 305.19$ $709.36 100.00$ 504.17$ 155 80,879.35$ 303.30$ $709.36 100.00$ 506.06$ 156 80,373.29$ 301.40$ $709.36 100.00$ 507.96$ 157 79,865.33$ 299.49$ $709.36 100.00$ 509.86$ 158 79,355.46$ 297.58$ $709.36 100.00$ 511.78$ 159 78,843.69$ 295.66$ $709.36 100.00$ 513.70$ 160 78,329.99$ 293.74$ $709.36 100.00$ 515.62$ 161 77,814.37$ 291.80$ $709.36 100.00$ 517.56$ 162 77,296.81$ 289.86$ $709.36 100.00$ 519.50$ 163 76,777.32$ 287.91$ $709.36 100.00$ 521.44$ 164 76,255.87$ 285.96$ $709.36 100.00$ 523.40$ 165 75,732.47$ 284.00$ $709.36 100.00$ 525.36$ 166 75,207.11$ 282.03$ $709.36 100.00$ 527.33$ 167 74,679.78$ 280.05$ $709.36 100.00$ 529.31$ 168 74,150.47$ 278.06$ $709.36 100.00$ 531.30$ 169 73,619.17$ 276.07$ $709.36 100.00$ 533.29$ 170 73,085.89$ 274.07$ $709.36 100.00$ 535.29$ 171 72,550.60$ 272.06$ $709.36 100.00$ 537.29$ 172 72,013.30$ 270.05$ $709.36 100.00$ 539.31$ 173 71,473.99$ 268.03$ $709.36 100.00$ 541.33$ 174 70,932.66$ 266.00$ $709.36 100.00$ 543.36$ 175 70,389.30$ 263.96$ $709.36 100.00$ 545.40$ 176 69,843.90$ 261.91$ $709.36 100.00$ 547.44$ 177 69,296.46$ 259.86$ $709.36 100.00$ 549.50$ 178 68,746.96$ 257.80$ $709.36 100.00$ 551.56$ 179 68,195.40$ 255.73$ $709.36 100.00$ 553.63$ 180 67,641.77$ 253.66$ $709.36 100.00$ 555.70$ 181 67,086.07$ 251.57$ $709.36 100.00$ 557.79$ 182 66,528.28$ 249.48$ $709.36 100.00$ 559.88$ 183 65,968.40$ 247.38$ $709.36 100.00$ 561.98$ 184 65,406.43$ 245.27$ $709.36 100.00$ 564.09$ 185 64,842.34$ 243.16$ $709.36 100.00$ 566.20$ 186 64,276.14$ 241.04$ $709.36 100.00$ 568.32$ 187 63,707.82$ 238.90$ $709.36 100.00$ 570.46$ 188 63,137.36$ 236.77$ $709.36 100.00$ 572.59$ 189 62,564.77$ 234.62$ $709.36 100.00$ 574.74$

190 61,990.03$ 232.46$ $709.36 100.00$ 576.90$ 191 61,413.13$ 230.30$ $709.36 100.00$ 579.06$ 192 60,834.07$ 228.13$ $709.36 100.00$ 581.23$ 193 60,252.84$ 225.95$ $709.36 100.00$ 583.41$ 194 59,669.43$ 223.76$ $709.36 100.00$ 585.60$ 195 59,083.83$ 221.56$ $709.36 100.00$ 587.80$ 196 58,496.03$ 219.36$ $709.36 100.00$ 590.00$ 197 57,906.03$ 217.15$ $709.36 100.00$ 592.21$ 198 57,313.82$ 214.93$ $709.36 100.00$ 594.43$ 199 56,719.39$ 212.70$ $709.36 100.00$ 596.66$ 200 56,122.73$ 210.46$ $709.36 100.00$ 598.90$ 201 55,523.83$ 208.21$ $709.36 100.00$ 601.15$ 202 54,922.68$ 205.96$ $709.36 100.00$ 603.40$ 203 54,319.28$ 203.70$ $709.36 100.00$ 605.66$ 204 53,713.62$ 201.43$ $709.36 100.00$ 607.93$ 205 53,105.69$ 199.15$ $709.36 100.00$ 610.21$ 206 52,495.47$ 196.86$ $709.36 100.00$ 612.50$ 207 51,882.97$ 194.56$ $709.36 100.00$ 614.80$ 208 51,268.17$ 192.26$ $709.36 100.00$ 617.10$ 209 50,651.07$ 189.94$ $709.36 100.00$ 619.42$ 210 50,031.65$ 187.62$ $709.36 100.00$ 621.74$ 211 49,409.91$ 185.29$ $709.36 100.00$ 624.07$ 212 48,785.84$ 182.95$ $709.36 100.00$ 626.41$ 213 48,159.43$ 180.60$ $709.36 100.00$ 628.76$ 214 47,530.67$ 178.24$ $709.36 100.00$ 631.12$ 215 46,899.55$ 175.87$ $709.36 100.00$ 633.49$ 216 46,266.06$ 173.50$ $709.36 100.00$ 635.86$ 217 45,630.20$ 171.11$ $709.36 100.00$ 638.25$ 218 44,991.95$ 168.72$ $709.36 100.00$ 640.64$ 219 44,351.31$ 166.32$ $709.36 100.00$ 643.04$ 220 43,708.27$ 163.91$ $709.36 100.00$ 645.45$ 221 43,062.82$ 161.49$ $709.36 100.00$ 647.87$ 222 42,414.94$ 159.06$ $709.36 100.00$ 650.30$ 223 41,764.64$ 156.62$ $709.36 100.00$ 652.74$ 224 41,111.90$ 154.17$ $709.36 100.00$ 655.19$ 225 40,456.71$ 151.71$ $709.36 100.00$ 657.65$ 226 39,799.06$ 149.25$ $709.36 100.00$ 660.11$ 227 39,138.95$ 146.77$ $709.36 100.00$ 662.59$ 228 38,476.36$ 144.29$ $709.36 100.00$ 665.07$ 229 37,811.29$ 141.79$ $709.36 100.00$ 667.57$ 230 37,143.72$ 139.29$ $709.36 100.00$ 670.07$ 231 36,473.65$ 136.78$ $709.36 100.00$ 672.58$ 232 35,801.07$ 134.25$ $709.36 100.00$ 675.11$ 233 35,125.96$ 131.72$ $709.36 100.00$ 677.64$ 234 34,448.32$ 129.18$ $709.36 100.00$ 680.18$ 235 33,768.15$ 126.63$ $709.36 100.00$ 682.73$ 236 33,085.42$ 124.07$ $709.36 100.00$ 685.29$ 237 32,400.13$ 121.50$ $709.36 100.00$ 687.86$ 238 31,712.27$ 118.92$ $709.36 100.00$ 690.44$ 239 31,021.83$ 116.33$ $709.36 100.00$ 693.03$ 240 30,328.80$ 113.73$ $709.36 100.00$ 695.63$ 241 29,633.18$ 111.12$ $709.36 100.00$ 698.24$

242 28,934.94$ 108.51$ $709.36 100.00$ 700.85$ 243 28,234.09$ 105.88$ $709.36 100.00$ 703.48$ 244 27,530.61$ 103.24$ $709.36 100.00$ 706.12$ 245 26,824.49$ 100.59$ $709.36 100.00$ 708.77$ 246 26,115.72$ 97.93$ $709.36 100.00$ 711.43$ 247 25,404.29$ 95.27$ $709.36 100.00$ 714.09$ 248 24,690.20$ 92.59$ $709.36 100.00$ 716.77$ 249 23,973.43$ 89.90$ $709.36 100.00$ 719.46$ 250 23,253.97$ 87.20$ $709.36 100.00$ 722.16$ 251 22,531.81$ 84.49$ $709.36 100.00$ 724.87$ 252 21,806.95$ 81.78$ $709.36 100.00$ 727.58$ 253 21,079.36$ 79.05$ $709.36 100.00$ 730.31$ 254 20,349.05$ 76.31$ $709.36 100.00$ 733.05$ 255 19,616.00$ 73.56$ $709.36 100.00$ 735.80$ 256 18,880.20$ 70.80$ $709.36 100.00$ 738.56$ 257 18,141.64$ 68.03$ $709.36 100.00$ 741.33$ 258 17,400.32$ 65.25$ $709.36 100.00$ 744.11$ 259 16,656.21$ 62.46$ $709.36 100.00$ 746.90$ 260 15,909.31$ 59.66$ $709.36 100.00$ 749.70$ 261 15,159.61$ 56.85$ $709.36 100.00$ 752.51$ 262 14,407.10$ 54.03$ $709.36 100.00$ 755.33$ 263 13,651.77$ 51.19$ $709.36 100.00$ 758.17$ 264 12,893.60$ 48.35$ $709.36 100.00$ 761.01$ 265 12,132.59$ 45.50$ $709.36 100.00$ 763.86$ 266 11,368.73$ 42.63$ $709.36 100.00$ 766.73$ 267 10,602.00$ 39.76$ $709.36 100.00$ 769.60$ 268 9,832.40$ 36.87$ $709.36 100.00$ 772.49$ 269 9,059.91$ 33.97$ $709.36 100.00$ 775.38$ 270 8,284.53$ 31.07$ $709.36 100.00$ 778.29$ 271 7,506.24$ 28.15$ $709.36 100.00$ 781.21$ 272 6,725.02$ 25.22$ $709.36 100.00$ 784.14$ 273 5,940.88$ 22.28$ $709.36 100.00$ 787.08$ 274 5,153.80$ 19.33$ $709.36 100.00$ 790.03$ 275 4,363.77$ 16.36$ $709.36 100.00$ 793.00$ 276 3,570.77$ 13.39$ $709.36 100.00$ 795.97$ 277 2,774.81$ 10.41$ $709.36 100.00$ 798.95$ 278 1,975.85$ 7.41$ $709.36 100.00$ 801.95$ 279 1,173.90$ 4.40$ $709.36 100.00$ 804.96$ 280 368.94$ 1.38$ 370.33$ -$ 368.94$

Totals 86,181.61$ $198,281.61 140,000.00$

Remaining Questions: 16. What is the total amount of interest paid on this loan?

86,181.61$

17. How many fewer payments were made when an extra $100 in principal was paid each month? The number of payments was reduced by 80 payments.

18. How much money was saved when an extra $100 in principal was paid each each month? 29,187.79$ 255,369.60$ <--- 360 payments of $709.36

226,173.40$ <---279 payments of $809.36

plus the final payment of $370.33

29,196.20$ <---There is some roundoff error.

Remaining Questions: 16. What is the total amount of interest paid on this loan?

-$

17. How many fewer payments were made when an extra $100 in principal wa The number of payments was red 360 payments.

18. How much money was saved when an extra $100 in principal was paid ea -$

as paid each month?

ach each month?