S&S Air’s Mortgage
Input area:
Loan amount 35,000,000$
30-year loan APR 6.10%
Loan length (years) 30
Loan length (years) 20
Output area:
1) 30-year loan payment 212,098.17$
20-year loan payment 252,774.22$
2) Month
Beginning
Balance
Total
Payment
Interest
Payment
Principal
Payment
Ending
Balance
135,000,000.00$ $212,098.17 177,916.67$ 34,181.51$ 34,965,818.49$
234,965,818.49 212,098.17 177,742.91 34,355.26 34,931,463.23
3) Bi-weekly payment amount 106,049.09$
Bi-weekly periods to pay off smart loan
635.24
Years to pay off smart loan 24.43
EAR for bi-weekly mortgage 6.28%
4) Bullet amount 32,609,016.11$
Bullet payments for first 59 months 212,098.17$
Last payment on bullet loan 32,821,114.28$
5) Interest only payments for first 119 months 102,083.33$
Last payment on interest only loan 35,102,083.33$
Chapter 5
Year bullet payment is due 5
Interest only loan APR 3.50%
Interest only loan maturity (years) 10