Question: Please solve in detail these below question. Please answer is computerized. [Question are related to Priciple of Real Estate subject] Thanks, -------------------------------------------------------------------------- 1) Mortgage amortization
Please solve in detail these below question. Please answer is computerized. [Question are related to Priciple of Real Estate subject]
Thanks,
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1) Mortgage amortization
Suppose we have loan amount $100,000 and the term is 20 years( Monthly payments) Interest rate is 7 % and the fixed rate mortgage. Compute the following items:
(1) For first three month calculate the following items:
| time | Monthly interest rate | Monthly payments | Monthly interest expense | Monthly Amortization. | Balance at the beginning of the month | Balance at the end of month |
| First month |
|
|
|
|
|
|
| Second month |
|
|
|
|
|
|
| Third Month |
|
|
|
|
|
|
2) Market value of a mortgage
Suppose a loan was made 5years age for $80,000 with interest 10% and 20 years term of maturity.. Payments on the loan are $772.02 per month. Suppose now the interest rate is 15% annually, what is market value of the loan for the remaining 15 years ?
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