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Please shows specific details of calculations 1. Suppose you have a $50,000 commericial mortgage for 30 years (360 monthly payments) at an annualized interest rate
Please shows specific details of calculations
1. Suppose you have a $50,000 commericial mortgage for 30 years (360 monthly payments) at an annualized interest rate of 12% (monthly compounding rate). You have an option to repay the remaining principal and terminate the mortgage loan at the end of the fifth year. What is your month payment, and how much do you need to pay to terminate the mortgage loan at the end of the fifth year?
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