Pre-Calculus Finance Project
Created By: Sandon Scott (Mrs. Colwell, Hour 6)
Scenario #2 (Monthly Amount That Can Be Afforded)
Scenario #2 (Total Amount That Can Be Afforded)
Scenario #2 (Minimum Payment That Can Be Made)
Harper's Home ($194,900.00)
Overland Park, KS
Listing Link: http://www.reeceandnichols.com/homes-for-sale/KS/Overland-Park/66223/7353-W-157th-Terrace-93594976
Scenario #2 (Monthly Payment Increased By 15%)
First Year Amortization Table
2014: Jan Feb
Principle: $251.48 $252.44
Interest: $749.07 $748.10
Balance: $194,648.52 $194,396.08
2014: Mar Apr May
Principle: $253.41 $254.39 $255.36
Interest: $747.13 $746.15 $745.18
Balance: $194,142.67 $193,888.28 $193,632.92
2014 June July
Principle: $256.35 $257.33
Interest: $744.20 $743.21
Balance: $193,376.57 $193,119.24
2014 Aug Sept Oct
Principle: $258.32 $259.31 $260.31
Interest: $742.22 $741.23 $740.23
Balance: $192,860.92 $192,601.60 $192,341.29
2014: Nov Dec
Principle: $261.31 $262.31
Interest: $739.23 $738.23
Balance: $192,079.98 $191,817.67
References
Mortgage: Buy a home. (2013, DEC 17). Retrieved from https://www.bankofamerica.com/home-loans/mortgage/overview.go
How is an amortization schedule calculated?. (2013). Retrieved from http://www.myamortizationchart.com/articles/how-is-an-amortization-schedule-calculated/