Question: A borrower took out a 3 0 - year fixed - rate mortgage of $ 2 , 2 5 0 , 0 0 0 at
A borrower took out a year fixedrate mortgage of $ at a percent annual rate. After five years, he wishes to pay off the remaining balance. Interest rates have fallen to percent. How much must he pay to retire the mortgage to the nearest dollar Hint: it may be easier to use the EXCEL function CUMPRINC to get how much principal has been paid in the five years. You need to show the steps
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
