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can you answer (a) ? 75% of 650,000 or 650,000- 25% of 650,000

162500?

oh wait no. 649999.75?

no isn't my first answer right?

is it 162500?

that is the down payment. How much is the loan?

162500(1+0.056/12)^12*15
162500(1+0.056/12)^180
(162500)(2.311845392)=$375,674.88

that's what I did...

ohh in my equation where i put 162500.. is that supposed to be 487500 instead?

the amount of the loan is 1,127,024.63?

yes the total loan I calculated is 1,127,024.63 I believe.

now find the monthly payment

how? what formula?

6261.25 a month?

what new loan principal?

when you make a payment, the amount you owe goes down

(0.056/12)*487500= 2275

487500-2275= 485225 for the next month?

2264.38--485235.62
2264.43--482971.19

yeah, give me a sec.

so the formula I used gave me 9268.65 as the monthly payment

how? I get something else

the amount is 1127024.63
the annual rate is 5.6%
and the time is 15 years

and the interest payment is 5259.45

I match up, but with
1127024.63=R(281.1097278)

4009.2 is the applied principal and the balance is 1127024.63

do I not solve 1127024.63(1+0.0046666667)^180 that?

because in this example I have is shows to do that..

ohh so after solving it becomes 1127024.63

so is the monthly payment 4009.20?

wait wait.. is the interest payment 5259.45?
(1127024.63)(0.0046666667)(1)

No, you use Present value (not future value) when you apply the interest.

(487500)(0.0046666667)(1)=2275.00

that looks good. now the payment pays that interest and what is left over pays down the principal

4009.20-2275.00=1734.20?

so now how much is the new principal?

485765.8?

so put those numbers in the first row. now do it again with P=485765.80

so.. 1734.20*0.0046666667*1?

2266.91? that is the next interest payment for month 2?

yes

then 1742.29 is the applied principal for month 2?

yes

then the next balance is 484023.51?

yes. one more payment to go

2258.78 for the interest payment?

and 1750.42 and the applied principal?

yes

Here is a site that computes the amort
http://bretwhissel.net/cgi-bin/amortize

thank you so much for your help!

It helped remind me how to do this stuff. It is a bit complicated.

haha yeah, well before I had absolute no idea where to start. Thank you so much for helping me..

Down payment= \[\frac{ 2.5 }{100}*650,000\]
=633,750 was the amount borrowed.