$200 000 mortgage monthly payment

You take out a $200,000 mortgage for 30 years at 6%. What is
your monthly payment? Solve Below 200000 Fill out the ammortization
table to answer the following questions. 30 What is the principle
and interest on the 1st payment? 6% What is the principle and
interest on the 12th payment? How much interest will you pay over
the 30 years?

Monthly payment of a mortgage loan can be computed by using the
following formula
Monthly Payment =P*r *(1+r)^n/(1+r)^n-1
Where, P =principal amount,r = rate of interest per month, n =
no of monthly payments, now substitute give data in the above
formula, we get
=$ 200,000*.06/12*(1+.06/12)^30*12 /(1+.06/12)^30*12 -1
Monthly payment =$ 1,199.10
principle and interest on the 1st payment is bifurcate the
monthly payament of $ 1,199.10 into principal and interest
Intererst for the first [email protected]% on 200000
=$1,000(200000*6%/12)
Principal amonut in the first installment =$ 199.10

interest that you have pay over the 30
years
Total payments to be made over the 30 years =$ 431,676.38
(1199.10*360)
Less: Principal amount =$ 200,000
interest that you have pay over the 30 years =$
231,676.38

principle and interest on the 12th payment is $ 210.33
and 988.77 respectively

Monthly payment schedule for the first year

Month Total Mortgage Payment Payment on Interest Payment on Principal Principal Balance
$1,199.10 6.00% $200,000.00
1 $1,199.10 $1,000.00 $199.10 $199,800.90
2 $1,199.10 $999.00 $200.10 $199,600.80
3 $1,199.10 $998.00 $201.10 $199,399.71
4 $1,199.10 $997.00 $202.10 $199,197.60
5 $1,199.10 $995.99 $203.11 $198,994.49
6 $1,199.10 $994.97 $204.13 $198,790.36
7 $1,199.10 $993.95 $205.15 $198,585.21
8 $1,199.10 $992.93 $206.17 $198,379.04
9 $1,199.10 $991.90 $207.21 $198,171.83
10 $1,199.10 $990.86 $208.24 $197,963.59
11 $1,199.10 $989.82 $209.28 $197,754.31
12 $1,199.10 $988.77 $210.33 $197,543.98

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