A 25-year monthly payment mortgage loan for $200,000 is offered at a nominal rate of interest...

  

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A 25-year monthly payment mortgage loan for $200,000 is offered at a nominal rate of interest of 6% convertible monthly. Calculate the, a. monthly payment of the loan. b. balance of the loan after five years. c. total principals and total interests respectively that are paid in the 5th year. After five years, the interest rate increases to a nominal rate of 7.2% convertible monthly. Determine, d. the new monthly payment after five years. e. the total interest that would be paid on the loan over 25 years. A 25-year monthly payment mortgage loan for $200,000 is offered at a nominal rate of interest of 6% convertible monthly. Calculate the, a. monthly payment of the loan. b. balance of the loan after five years. c. total principals and total interests respectively that are paid in the 5th year. After five years, the interest rate increases to a nominal rate of 7.2% convertible monthly. Determine, d. the new monthly payment after five years. e. the total interest that would be paid on the loan over 25 years.

Answer rating: 100% (QA)

a Monthly Payment Loan amount 200000 Initial interest rate 6 convertible monthly 05 per month Term 25 years 300 months Using the mortgage payment form... View the full answer