Question
You took an interest-only $30,000 5-year loan at the interest rate (APR) of 8% per year. One year later, the interest rate drops from 8%
You took an interest-only $30,000 5-year loan at the interest rate (APR) of 8% per year. One year later, the interest rate drops from 8% to 7%. The refinancing cost is $800.
Required
a. Complete an amortization table of the original loan.
b.What is the contractual value of the loan in Year 1?
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Amortization table of the original loan Original Payment 30000 principal 3600 interest 33600 First y...
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Mathematical Statistics With Applications In R
Authors: Chris P. Tsokos, K.M. Ramachandran
2nd Edition
124171133, 978-0124171138
