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3. Consider the following fixed rate mortgage that was just originated. Show your work. Mortgage Description: Full amortizing 30-year fixed rate mortgage paid monthly.
3. Consider the following fixed rate mortgage that was just originated. Show your work. Mortgage Description: Full amortizing 30-year fixed rate mortgage paid monthly. Loan Amount = $295,000 Interest rate= 5% 3 points paid Lender application and origination fees $3,000 Third party fees $2,000 Prepayment penalty -2%. A. What is the monthly payment on this mortgage? B. What is the lenders yield, if the loan is held to maturity? C. What is the outstanding balance of this loan in 4 years? D. What is the lenders yield, if the loan is paid off in 4 years?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
