You just borrowed $200,000 for a 30-year home mortgage loan, with monthly payments and monthly interest compounding. APR on the loan is 6.50%.

Prepare the loan table that shows beginning and ending balance, total payment, accrued interests and principal paid for each month.

Note: discount rate for a mortgage loan is the Iper, which equals to APR/12.

Answer rating: 100% (QA)

To calculate the monthly payment we need to use the loan amount interest rate and loan term in month... View the full answer