Question: please answer using loan amortization table 4- A mortgage loan in the amount of $240,000 is made at an interest rate of 10 percent for
4- A mortgage loan in the amount of $240,000 is made at an interest rate of 10 percent for 20 years. Payments are to be monthly in each part of this problem a. What will monthly payments be if: i. The loan is fully amortizing? il. It is partially amortizing and a balloon payment of $50,000 is scheduled at the end of year 202 lil. It is a non-amortizing, or "interest-only loan? iv. It is a negative amortizing loan and the loan balance will be $300,000 at the end of year 20? b. What will the loan balance be at eh end of year 5 under parts a.i, through a.iv (previous scenarios)
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