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1 a) Interest rate (Semi - Annual) Mortgage amount (PV) No. of semi-annual periods (Nper) 5.00% < = 10%/2 $5,000.00 < 5000 20 <- =10*2 Monthly Loan Payment $401.21 <-- =PMT(C1,C3,-C2,0) 7 b) Interest in First payment Repayment of Principal in first payment $250.00 <-- =C2*C1 $151.21 <-- =C5-C7 Option I - The portion of the payment that is applied to interest declines, while the portion of the payment that is applied to principal increases Principal remaining after first payment Interest in second payment $4,848.79 <- =C2-C8 $242.44 <-- =C12*C1 $492.44 <-- =C13+C7 Total interest to be reported in Schedule B Option IV - Her interest income will decline in each successive year Option II - As the loan is amortized (paid off), the beginning balance, hence the interest charge, declines and the repayment of principal increases 18 d) 19
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