Question: please use actual formulas.. nothing from excel or a financial calc. thanks! 4. Your mortgage rate is quoted at 10%, and you make monthly payments.

please use actual formulas.. nothing from excel or a financial calc.

thanks!

4. Your mortgage rate is quoted at 10%, and you make monthly payments. The mortgage is for $200,000 and has a 5-year term and 25-year amortization. a) What are your monthly payments? b) When you renegotiate, what is the balance of your mortgage? c) What portion of the 60th payment is interest and what portion is principal

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