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Please show excel calculations A floating rate mortgage loan is made for $165.000 for a 30-year period at an initial rate of 12 percent interest.
Please show excel calculations
A floating rate mortgage loan is made for $165.000 for a 30-year period at an initial rate of 12 percent interest. However, the borrower and lender have negotiated a monthly payment of $1,320 Required: a. What will be the loan balance at the end of year 1 ? b. If the interest rate increases to 13 percent at the end of year 2 , how much is the payment plus negative amortization in year 2 and year 5 if the payment remains at $1,320 ? Complete this question by entering your answers in the tabs below. What will be the loan balance at the end of year 17 Wotet Do not reund intermediate calculations. Round your final answer to 2 decimal places. If the interest rate increases to 13 percent at the end of year 2 , how much is the payment plus negative amortization in year 2 and year 5 if the payment remains at $1,320 ? Notn: Do not round Intermediate calculations. Round your final answers to 2 decimal places Step by Step Solution
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