Question: Mr. HH makes a 10% down payment for a mortgaged home worth GHC 420,000. He obtains the loan and intends to finance it over a

Mr. HH makes a 10% down payment for a mortgaged home worth GHC 420,000. He obtains the loan and intends to finance it over a 20 year period. The current fixed rate is 18% p.a

QUESTIONS 1

Determine the equal monthly payment required to be made in settlement for the mortgage. *

1 point

C. GHC 6435

B. GHC 5834

A. GHC 1575

D. GHC 5436

2.What will be the balance on the loan at the end of the 5th year?

3.Which of the following figures represent the principal component of the repayment in the 5th year?

4.The interest component of the repayment amount in the 5th year is

5.What will be the closing balance on the loan in the final month of the 20th year?

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