Chapter 15: The Cost of Home Ownership by LINDSEY BUSKIRK https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5 Mortgage, monthly mortgage payments, Amortization schedule, and breaking down monthly payements en-us 2018-07-06 01:32:10 UTC 2023-04-13 05:30:04 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Simplehouse.png Chapter 15: Home Ownership lindsey_buskirk47038 https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269521662 2018-07-06 01:39:54 UTC https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269521662 Close Call lindsey_buskirk47038 https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269521758 States with Highest and Lowest Closing Costs]]> 2018-07-06 01:41:15 UTC https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269521758 Types of Mortgages lindsey_buskirk47038 https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269521879 Loan types and their advantages and disadvantages ]]> 2018-07-06 01:42:24 UTC https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269521879 Amortization Table lindsey_buskirk47038 https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269521979 2018-07-06 01:43:38 UTC https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269521979 Computing Monthly payment by using Amortization table: lindsey_buskirk47038 https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522031

  • Step 1.    Divide the amount of the mortgage by $1,000.

  • Step 2.    Look up the rate and term in the amortization table. At the intersection is the table factor.

  • Step 3.    Multiply Step 1 by Step 2.

    • ]]>     2018-07-06 01:44:27 UTC https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522031     lindsey_buskirk47038 https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522147 Finance Example: Loan Amortization Schedule

    ]]>     2018-07-06 01:46:25 UTC https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522147     lindsey_buskirk47038 https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522214 2018-07-06 01:47:28 UTC https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522214 CALCULATING INTEREST, PRINCIPAL, AND NEW BALANCE OF MONTHLY PAYMENT lindsey_buskirk47038 https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522254

  • Step 1.    Calculate the Interest for a month (use current principal): 
    Interest = Principal × Rate × Time.

  • Step 2.    Calculate the amount used to reduce the principal: 
    Principal reduction = Monthly payment – Interest (Step 1).

  • Step 3.    Calculate the new principal: 
    Current principal − Reduction of principal (Step 2) = New principal.

    • ]]>     2018-07-06 01:48:06 UTC https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522254     lindsey_buskirk47038 https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522433 over the life of Gary’s $160,000 loan, he would pay $303,680 in interest. Now let’s use the following steps to determine what portion of Gary’s first monthly payment reduces the principal and what portion is interest.]]> 2018-07-06 01:50:38 UTC https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522433 Gary's Loan lindsey_buskirk47038 https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522706 Amortization table]]> 2018-07-06 01:53:11 UTC https://padlet.com/lindsey_buskirk47038/jzy4s0tgf7f5/wish/269522706