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Problem #2 (30%) To buy a house you ask a bank for a mortgage loan of $ 400,000, repayable a mortgage loan of $ 400,000,
Problem #2 (30%) To buy a house you ask a bank for a mortgage loan of $ 400,000, repayable a mortgage loan of $ 400,000, repayable in 30 years of monthly payments at a yearly interest rate of 3%. After 20 years (240 m yearly interest rate of 3%. After 20 years (240 monthly payments) you decide to pay of the remainder of the loan. A) What is your monthly payment? B) What sum you must pay to the bank to extinguish your loan
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