A 100,000.00 mortgage has a 25-year amortization, at 3% interest compounded annually with a monthly mortgage payment.
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Question:
A 100,000.00 mortgage has a 25-year amortization, at 3% interest compounded annually with a monthly mortgage payment.
a. How much are the monthly mortgage payments? (2 points)
b. After 5 years (60 months) how much is the outstanding balance? (2 points)
c. How much interest has been paid to the lender? (2 points)
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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