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[Note: The information presented here applies to questions 9 - 13] Edie wants to borrow $315,000 to purchase a new condominium in New York. What
[Note: The information presented here applies to questions 9 - 13] Edie wants to borrow $315,000 to purchase a new condominium in New York. What are her monthly payments for a fully amortizing 30-year fixed rate mortgage with a 4.5% contract rate?
10) How much of her first payment goes towards repaying the amount borrowed?
11) How much of her thirteenth payment goes towards repaying the amount borrowed?
12) What are her monthly payments for a partially amortizing 30-year fixed rate mortgage with a 4.5% contract rate which requires a balloon payment of $200,000 at maturity?
13) What are her monthly payments for a partially amortizing 25-year fixed rate mortgage with a 4.5% contract rate and 5-year maturity?
14) Note: The information presented here applies to questions 14 and 15.] You borrowed $275,000 with a 30-year fixed rate mortgage with a contract rate of 6.5%. For each month in the first two years of the loan, you are offered a choice between making the scheduled full amortization payment or a minimum payment of $1250. After the initial two-year period, the existing balance of the loan is amortized over the remaining 28 years. If you make the minimum payment each month for the first two years of the loan, what the new mortgage balance after making these payments?
15) Suppose that you decide to make the minimum payment each month for the first two years of the loan, what will your fixed payment be for the remaining term of the loan?
need answers for those questions ASAP
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