A borrower obtains a partially amortizing constant payment mortgage loan for $75,000 at 12 percent for 2
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A borrower obtains a partially amortizing constant payment mortgage loan for $75,000 at 12 percent for 2 years. Payments are monthly. After the last constant payment, he has to pay $15,000 to payback the remaining loan on maturity date. What will be the amount of remaining balance at the end of the second month? (Answer is rounded)
Related Book For
Fixed Income Securities Valuation Risk and Risk Management
ISBN: 978-0470109106
1st edition
Authors: Pietro Veronesi
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