Question: 11. Given that the interest rate on a 25-year fixed-payment loan is 8% and the monthly payment is GHC 2,500, determine the remaining balance a

11. Given that the interest rate on a 25-year fixed-payment loan is 8% and the monthly payment is GHC 2,500, determine the remaining balance a borrower has at the end of five years *

1 point

B. GHC 569,000.47

C. GHC 298,885.73

D. GHC 345,123.89

A. GHC 323,911.31

12. The following information relates to a 20 year fixed-rate loan. Determine the maximum amount that the lender will be willing to provide to the borrower. Monthly payment: GHC 1,800, Interest rate: 9% *

1 point

A. GHC 200,060.92

D. GHC 209,778

B. GHC 16,431.38

C. GHC 1,999.99

13. Calculate the monthly mortgage payment on a 12-year interest-only mortgage of GHC 30,000. Assume an interest rate of 6.5%. *

1 point

D. GHC 162.50

C. GHC 500.54

B. GHC 150.98

A. GHC 300.58

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