A mortgage loan in the amount of $ 1 0 0 , 0 0 0 is made

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Question:

A mortgage loan in the amount of $

100, 000

is made at

12

percent interest for

20

years. Payments are to be monthly in each part of this problem.

1 .

What will the loan balance be at the end of year

5

if the loan is fully amortizing?

2 .

What would be the interest portion of the payment scheduled for payment at the end of month

61

if the loan is fully amortizing?

3 .

Assume that the lender charges

3

points to close the loans. What would be the effective rate of interest?

Posted Date: May 18, 2024 06:11 PM

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A mortgage loan in the amount of $ 1 0 0 , 0 0 0 is made

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