Answered step by step
Verified Expert Solution
Question
1 Approved Answer
keliam borrows the sum of $ 200,000 to acquire a cottage with a market value of $ 300,000. he agreed with his bank to repay
keliam borrows the sum of $ 200,000 to acquire a cottage with a market value of $ 300,000. he agreed with his bank to repay the loan by paying end-of-period monthly payments and that the loan should be fully amortized over a period of 20 years. his bank grants him the loan at the rate of 7% capitalized semi-annually, renegotiable in 4 years
A-To determine the monthly payment of idriss to be made
B- calculate the total amount paid by idriss to its bank immediately after the 48th payment
C- calculate the mortgage balance immediately after the 48th payment made by idriss
D- calculate the total amount of interest paid by idriss to its bank immediately after the 48th payment E- If in 4 years, at the time of renewal of the loan the mortgage rate is 6% capitalized semi-annually what will be your new monthly payment of idriss
this name is idriss
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started