Go to a Web site such as www.bankrate.com that has calculators to derive an amortization table. a.
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Go to a Web site such as www.bankrate.com that has calculators to derive an amortization table.
a. Determine the monthly payment on a $200,000 fifteen-year mortgage with a 5% interest rate.
b. Now change the interest rate to 6%. What is the difference in monthly payments on the loan?
c. Now change the loan term to thirty years, and assume a 5% interest rate. What is the difference in monthly payments on the loan?
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a The monthly payment on a 200000 fifteenyear mortgage with a 5 interest rate is 158046 b The differ...View the full answer
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