Question
Show work through excel formulas: please actually show how you do it on excel exactly! 1. Suppose you have taken out a $125,000 fully-amortizing fixed
Show work through excel formulas: please actually show how you do it on excel exactly!
1. Suppose you have taken out a $125,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 6%. After your first mortgage payment, how much of the original loan balance is remaining?
A. $1,054.82 B. $120,603.78 C. $124,570.18 D. $124,875.56
2. Assume you have taken out a partially amortizing loan for $325,000 that has a term of 7 years, but amortizes over 30 years. Calculate the balloon payment at maturity (Year 7) if the interest rate on this loan is 4.5%.
A. $1,646.73 B. $118,468.21 C. $282,835.42 D. $324,572.02
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started