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suppose you are buying your first condo for $394,800, and you will make a 15% down payment.you have arranged to finance the remainder with a 30-year, monthly payment, amortizedmortgage at a 5.28% nominal interest rate, with the first payment due in one month. what willyour monthly payments be?compute the amortization statement over the 30-year period.at what time point will the principal payment exceed the cost of monthly interest on the loan?after 11 years, you decide to sell the property. at that time, what will be the balance owed on theloan?

Sagot :

Your monthly payments will be $1,927.78 as per the given data.

The amortization schedule would be as follows:

Month Beginning Balance Interest Payment Principal Payment Ending Balance

1 $394,800 $1,539.50 $388.28 $394,412.72

2 $394,412.72 $1,537.17 $390.61 $393,022.11

3 $393,022.11 $1,534.83 $392.95 $392,629.16

4 $392,629.16 $1,532.49 $395.29 $392,233.87

5 $392,233.87 $1,530.15 $397.63 $391,836.24

6 $391,836.24 $1,527.81 $399.97 $391,436.27

7 $391,436.27 $1,525.47 $402.31 $391,033.96

Amortization is an accounting technique used to periodically lower the book value of a loan or an intangible asset over a set period of time. Concerning a loan, amortization focuses on spreading out loan payments over time. When applied to an asset, amortization is similar to depreciation.

To know more about amortization here

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