2. 1. Assume a mortgage loan with a principal balance of $100,000 and an interest rate of 6%. The loan is to be repaid over 20 years, and the monthly payment is to be $599.55. What type of amortization plan is this?
3. 2. Assume a mortgage loan with an outstanding principal balance of $100,000 and an interest rate of 6%. The loan is to be repaid over 10 years. The monthly mortgage payment is $500 plus accrued interest. What type of amortization plan is this?

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Amortization Plan Types 1 Loan with Principal Balance of 100000 6 Interest 20 Years 59955 Monthly Pa... View the full answer