A mortgage loan in the amount of $ 1 1 2 , 0 0 0 is made
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Question:
A mortgage loan in the amount of $ is made at percent interest compounded
monthly for years. If the borrower and lender agree that the loan balance of $ will be payable at the end of year Payments are to be monthly.
a How much total interest will be paid from all payments? How much total principal
will be paid?
b What will be the loan balance at the end of year
c If the loan is repaid at the end of year what will be the effective rate of interest?
Use Excel to compute the monthly interest rate
d If the lender charges points to make this loan, what will the effective rate of interest
be if the loan is repaid at the end of year Use Excel to compute the monthly
interest rate
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