Question
A fully amortizing mortgage loan is made for $80,000 at 6 percent interest for 25 years. Payments are to be made monthly. Calculate: a)The outstanding
A fully amortizing mortgage loan is made for $80,000 at 6 percent interest for 25 years. Payments are to be made monthly. Calculate:
a)The outstanding loan balance if the loan is repaid at the end of year 10.
b)Total monthly interest and principal payments through year 10.
What would the breakdown of interest and principal be during month 50?
Please answer all 3 sub questions. Thank you
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Financial Mathematics
Authors: Cacildo Marques
1st Edition
8741574710, 979-8741574713
