Question: does that seem right? if it is can someone explain the next step! D Your local bank has offered you a 20-year, $100,000 mortgag. The

does that seem right? if it is can someone explain the next step!

D Your local bank has offered you a 20-year, $100,000 mortgag. The bank is charging 1.5 points when the loan is given. Payments on the mortgage are semi-annual and are based on a 10% annual interest rate on the full amount of the mortgage. Part A. Calculate the semi-annual mortgage payment Mortgage principal "Points Quoted interest Mortgate term (years) semi-annual payment 100,000 1.50% 10% 20 (55.827.821 0 Part B. Compute the EAIRB you need intermediate steps to calculate CAIR, use the pace in this worksheet to show all your work 1 semi-annual rate 0.05 Effective annual interest rate 10 25% Payment at end of the period Part of payment which is interest Part of payment which is repayment of principal 15 Part Show the mortgage amortization table Mortgage 16 principal at Semi-annual period beginning of the period 27 1 18 2 19 3 20 4 21 5 22 6 23 7 24 25 9 26 10 27 11 28 12 29 13 30 14 31 15 32 16 33 17 34 18 35 19 36 20 27

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