Examine the loan amortization table for the last 5 months of a $500,000, 15-year mortgage with an APR of 5.75%. Determine the
missing table amounts.
Monthly
Payment
Payment
Number
176
177
178
179
180
a.
Beginning
Balance
20,465.13
b.
12,337.73
8,244.79
4,132.25
Towards
Interest
98.06
78.64
a.
Towards Ending
Principal Balance
4,053.99 16,411.14
4,073.41 12,337.73
4,092.93 8,244.79
d. 4,132.25
4,132.25
a.
C.
a.
39.51
19.80
a.
e.
Some helpful information: Monthly Payment = Amount Towards Interest + Amount Towards Principal
Ending Balance = Beginning Balance - Amount Towards Principal
The Ending Balance from one month becomes the Beginning Balance for the next month
a)
b)
d)
e)
The mortgage loan is totally paid off :)