Construct an amortization schedule for the first three months and the final three months of payments for a 30-year, 7 percent mortgage in the amount of $90,000. What percentage of the third payment is principal

a. First three months and final three months of payments:

Monthly Amortization Schedule  

 Beginning BalanceInterestPrincipalEnding Balance

1$90,000.00$525.00$73.77$89,926.23

2$89,926.23$524.57$74.20$89,852.03

3$89,852.03$524.14$74.63$89,777.39

358$1,775.56$10.36$588.41$1,187.15

359$1,187.15          $6.93$591.84$595.30

360$595.30          $3.47$595.30$0.00

b. The percentage of the third payment that is principal is 12.46% ($74.63/$598.77 * 100)

Explanation:

a) Data and Calculations:

Mortgage loan = $90,000

Interest rate = 7%

Period of mortgage = 30 years

Repayment = monthly

Monthly Pay:   $598.77

Total number of payments = 360

Loan Payments = $215,558.01

Total Interest = $125,558.01

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