Question
A) You get an interest-only mortgage loan of $215,000 at 8.25%. For the first 2 years, your monthly payments are interest-only. What is your monthly
A) You get an interest-only mortgage loan of $215,000 at 8.25%. For the first 2 years, your monthly payments are interest-only. What is your monthly payment for those 2 years?
| $170,000 | ||
| $1,615.22 | ||
| $1,478.13 | ||
| $17,737.50 |
B) What is the mortgage balance after making 22 monthly payments?
| $212,043.74 | ||
| $213,384.78 | ||
| $215,000 | ||
| $213,521.87 |
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Production And Operations Analysis
Authors: Steven Nahmias, Tava Lennon Olsen
7th Edition
1478623063, 9781478623069
