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if you could please help me show work for quest. 29-31 i provided an answe key if needed , Thanks! Page 4 of 5 29.
if you could please help me show work for quest. 29-31 i provided an answe key if needed , Thanks! Page 4 of 5 29. A 10-year old mortgage with a balance of $259,221.04 has payments of $2,787.54 per month. The interest rate is 6% %. a. How many years remain on the mortgage? b. What was the original term of the mortgage? c. What was the original amount of the mortgage? 30. A mortgage of $25,000 for 20 years has payments of $ 224.93 per month. What is the interest rate? 31. This morning Farmer Brown sold his property and took back a purchase money mortgage in the amount of $3,000,000 with monthly payments at 5 % % interest over 28 years. I a. Now he wants to sell the mortgage, but he finds all the banks want a 7 % % interest rate. What is the value of the mortgage to the banks? b. If Farmer Brown had structured his mortgage with a balloon due at the end of 5 years, how much would he expect to receive at the end of 5 years? c. What is this mortgage with a balloon at the end of 5 years worth to a bank desiring a 7.74% return
if you could please help me show work for quest. 29-31 i provided an answe key if needed , Thanks!
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