1.

A home is purchased for 400,000 with a thirty year mortgage with end-of-month payments of 1,909.66 using a nominal rate of interest of 4% convertible monthly. If the homeowner wishes to renance the home in 15 years, how much is still owed on the original loan? In other words, what is the outstanding balance after 15 years? (5, 258,171 a\") 469,949 1'7, 141,829 ('7 254,788 A loan is repaid with annual year-end payments of 15,000. The effective rate of interest is 4%. How much interest is paid in the nal payment? Note: you are not given the original amount of the loan nor are you given the number of payments. This problem, however, can be solved. (7 14,423 (' 577 (j 600 (7 14,400