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Please provide step by step guide without using excel and use financial calculator if applicable Problems 7 - 1 0 are based on the following
Please provide step by step guide without using excel and use financial calculator if applicable
Problems are based on the following information:Youve just bought a house and took a $ mortgage that you plan to repay in equal monthly payment of $ during the next years starting next month ie you will make a total of monthly payments The monthly interest rate is
Problem :How much of your SECOND payment will be interest?
A $B $C $D $E $Ans: C
Problem :What will be your balance years from now right after your th payment
A $B $C $D $E $
Ans: E
Problem :If years from now you will make a prepayment an extra payment in addition to your regular th payment of $ by how many months rounded to the closest integer will it decrease the length of your mortgage?
A monthsB monthsC monthsD monthsE months
Ans: E
Problem :If years from now you will make a prepayment an extra payment in addition to your regular th payment of $ by how much such prepayment will decrease your outstanding balance years from now at the time of your th payment
A $B $C $D $E $
Ans. C
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