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finished first one just looking for other ones based off of it (stars) A borrower takes out a 30-year loan for a house worth $250,000.
finished first one just looking for other ones based off of it (stars)
A borrower takes out a 30-year loan for a house worth $250,000. If the annual interest rate is 6%, what is the future expected loan balance in 12 years? Hint: this problem requires two steps (you need to find something else before you find the balance). Enter the answer as a positive number. Answer. 197698.60 Refer to the same question, if the borrower chooses to pay $45,000 at the end of year 12, what will be the new loan maturity assuming that loan payments are not reduced? Input the answer in YEARS and in two decimal places. Answer. Refer to the same question, if the borrower chooses to pay $45,000 at the end of year 12, what will the new payments be assuming the loan maturity will not be reduced? Input as a positive number. Answer: Refer to the same original question, assuming 2 points are charged by the lender, what is the effective yield on this loan? Hint: you will still need the original payment. Note that yield is ALWAYS to be annualizedStep by Step Solution
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