# Math Help - Amortization Table

1. ## Amortization Table

$269,900 House AIR (annual interest rate)-4.8% Down Payment-$53,980
30 year mortgage

Payment||||||||| Balance Before|||||||||||| Payment|||||||||||||Interest Payment|||||||||||||||||Principal Pay
1 ||||||||||||||$215,920 ||||||||||||||$1,132.86 |||||||||||| $863.68 |||||||||||||||||||||$269.18
2 |||||||||||||||$215650.82 |||||||||||" " |||||||||||||||||$862.60 |||||||||||||||||| $270.26 To find: Interest Payment I=P(i) Principal Payment Payment-Interest Payment I copied these notes from a friend, but I do not know how to get the payment number ($1,132,.86) I was told to multiply the
mortgage by the interest to get it, but I did not recieve the correct answer

2. Are you sure youve got the details of the question right?

i got a premium of £1119.522 when i did it.

(method not shown , since it doesn't match the answer you say is correct)

3. Yea, i doubled checked it, what is a premium

4. Originally Posted by Honorable24
I copied these notes from a friend, but I do not know how to get the payment number ($1,132,.86) I was told to multiply the mortgage by the interest to get it, but I did not recieve the correct answer$1,132.86 is the CORRECT monthly payment, the 4.8% cpd monthly.

A = Amount borrowed (215920)
n = Number of months (360)
i = Interest rate per month (.004)
P = monthly Payment (?)
Formula:
P = Ai / [1 - 1/(1 + i)^n]

P = 215920(.004) / (1 - 1/1.004^360) = 1132.85743....

WHY are you trying to do this: homework?

5. Originally Posted by Wilmer
\$1,132.86 is the CORRECT monthly payment, the 4.8% cpd monthly.

A = Amount borrowed (215920)
n = Number of months (360)
i = Interest rate per month (.004)
P = monthly Payment (?)
Formula:
P = Ai / [1 - 1/(1 + i)^n]

P = 215920(.004) / (1 - 1/1.004^360) = 1132.85743....

WHY are you trying to do this: homework?
Thanks, instead of multiplying by (215920) my equation said to multiply by the down payment 53,980?
Yea its homework

6. And how do I find:
Total Interest Paided
Mortgage Amount

7. The total interest paid is the sum of the "interest payments" in your amortization table.

The original mortgage amount you already worked out (215,920)

The remaining mortgage amount is the original amount minus "principle payments" from your table.

8. Originally Posted by Honorable24
Thanks, instead of multiplying by (215920) my equation said to multiply by the down payment 53,980?
Well, that makes absolutely NO SENSE

9. Originally Posted by Honorable24
And how do I find:
Total Interest Paided
Mortgage Amount
Mortgage amount is the "net cash" borrowed.
Total interest = total of payments less mortgage amount:
1132.86 * 360 - 215920 = 191909.60