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A mortgage loan in the amount of $100,000 is made at 6 percent interest for 20 years. Payments are to be monthly in each part
A mortgage loan in the amount of $100,000 is made at 6 percent interest for 20 years. Payments are to be monthly in each part of this problem. Required: a. What will monthly payments be if (1) The loan is fully amortizing? (2) It is partially amortizing and a balloon payment of $50,000 is scheduled at the end of year 20? (3) It is a nonamortizing, or "interest-only" loan? (4) It is a negative amortizing loan and the loan balance will be $150,000 at the end of year 20? Complete this question by entering your answers in the tabs below. Required A What will be the monthly payment if (1) The loan is fully amortizing? (2) It is partially amortizing and a balloon payment of $50,000 is scheduled at the end of year 20? (3) It is a nonamortizing, or "interest-only" loan? (4) It is a negative amortizing loan and the loan balance will be $150,000 at the end of year 20? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Show less a1. Monthly payment if fully amortizing a2. Monthly payment if partial amortizing a3. Monthly payment if interest only a4. Monthly payment if negative amortization $ 500.00
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