Mr Ethan has agreed with a bank for a residential mortgage of $450,000 at a 6% initial interest rate for 25 years. The payments would be reset at an 8% composite rate at the end of year 5. What would be the new monthly payment of the loan at the end of year 5?

Answer rating: 100% (QA)

Sure Ive been focusing on improving my expertise in solving finance problems Lets find the new month... View the full answer