Since you are short on cash, you make interest - only payments on the above loan for

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Since you are short on cash, you make interest - only payments on the above loan for the fi rst 3 years. How much are these payments, what is your balance at the end of 3 years, and what is your new regular payment to amortize the loan?

Fixed interest, fi xed payment mortgage loans are no different from the basic loans described in Chapter 3 . The problems below will, therefore, concentrate on variations in calculation brought about by different types of mortgage loans. Solving these problems, on the other hand, will require a working ability to solve the simpler problems.

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