consider a $180,000 15-year, fixed-rate mortgage with an annual interest rate of 4.70% and monthly payments. how much of the total expenses on mortgage payments go toward interest during the first two years (round to the nearest dollar)?

The monthly payments can be found using the PMT function in Excel: PMT(rate, n per, pv, fv, type) rate=monthly rate=7.4%/12=0.6166667% n per=number of periods=15 years*12=180 pv=loan amount=180000 fv=0 Monthly payment=$1658.41 Please find the formulas for the two-year amortization schedule.

Periods Beginning Balance monthly payment Interest amount = (Opening Balance*0.616667%) Principal Repayment = monthly payment-Interest Ending Balance = Beginning Balance-Principal Repayment 1 180000.00 1658.41 1110.00 548.41 179451.59 2 179451.59 1658.41 1106.62 551.79 178899.80 3 178899.80 1658.41 1103.22 555.19 178344.60 4 178344.60 1658.41

What is the formula for the PMT function?

The PMT function takes the following arguments: =PMT(rate, n per, PV, [FV], [type]).Rate (required argument): The loan's interest rate. N per (required argument) – The total number of loans paid off.

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