Get the monthly payment (use formula); it'll be: $1,431.84
That'll be the 1st 2 lines; OK?Code:0 200000.00 1 -1431.84 1190.48 199758.64
create an amortization table for a $200 000 25-year mortgage paid monthly at 7.25% interest compounded semi-annually.
a) what are the first two lines of your table (for X=0 and X=1) explain what the first two lines represent
b) after how many years does the monthly payment contribute more against the principal that it does against the interest? explain how you determined this.