Question
The interest rate for a mortgage loan is 3.25% compounded semi-annually. The loan was needed to purchase a $112,500 cabin, but the buyer was able
The interest rate for a mortgage loan is 3.25% compounded semi-annually. The loan was needed to purchase a $112,500 cabin, but the buyer was able to make a 20% down payment, and borrow the balance. If monthly payments are calculated using a 20-year amortization, what would be the size of the new monthly payments if the mortgage is renewed after 5 years at 2.95% compounded semi-annually?
| PMT Setting | |||
| N | |||
| I/Y | |||
| P/Y | |||
| C/Y | |||
| PV | |||
| PMT | |||
| FV |
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Contemporary Islamic Finance
Authors: Karen Hunt-Ahmed
1st Edition
1118180909, 978-1118180907
