Question: DO Question 11 only!!!!! Questions 5 through 7 are related. 5. A bank customer obtains a $320,000 mortgage with a term of 15 years and

DO Question 11 only!!!!!

Questions 5 through 7 are related. 5. A bank customer obtains a $320,000 mortgage with a term of 15 years and a nominal interest rate of 4.20%. The monthly debt service/payment for the mortgage [round to the last cent] is: PMT =

6. If the homeowner makes the minimum monthly required payments on the mortgage, what is the balance on the mortgage after 5 years i.e. - after the 60th payment is made [round to the last cent]? Loan Balance:

7. Assume the homeowner has made the minimum required monthly payments on the mortgage and 5 years have passed. If the homeowners income has increased and he/she decides to increase the monthly payments to $2600, how many months and years will it take to retire the mortgage [round to the number of months]?

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