Case 27-2 rock creek golf club solution?

Answer 1

i only have the asnwer for question number 1:

here it is:

1.)The length of the mortgage is 5 years. The mortgage amount is $89600. The interest rate on this mortgage is 8%. The monthly payment on this mortgage is $1816.76. The yearly payments on this mortgage total $21801.12.

Free Amortization Schedule and Monthly Payment Breakdown

Year

Principal Part

Interest Part

Total Principal

Total Interest

Balance

1

15181.77

6619.35

15181.83

6619.35

74418.17

2

16441.86

5359.26

31623.75

11978.61

57976.25

3

17806.53

3994.59

49430.34

15973.20

40169.66

4

19284.47

2516.65

68714.87

18489.85

20885.13

5

20885.07

916.05

89600.00

19405.90

0.00