Question
Monthly payments are to be made against an $850,000 loan at 7.25% compounded annually with a 15-year amortization. a) What is the size of the
Monthly payments are to be made against an $850,000 loan at 7.25% compounded annually with a 15-year amortization. a) What is the size of the monthly payment? b) Calculate the principal portion of the 50th payment. c) Calculate the interest portion of the 100th payment. d) Calculate how much the principal will be reduced in the third year. e) Calculate the total interest paid in the second year. All calculations are done using financial calculator. All calculations are done using financial calculator.Note - All calculations are done using financial calculator. Can some one show how they did on financial calculator espcially question D and E
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