Question: SECON Instructions You Have Decided to use a 20 year Amortization for your Mortgage. Use this information to find the MONTHLY mortgage PAYMENT using the

SECON Instructions You Have Decided to use a 20 year Amortization

SECON Instructions You Have Decided to use a 20 year Amortization for your Mortgage. Use this information to find the MONTHLY mortgage PAYMENT using the mortgage amount from previous section and a rate of 3.88%. You must also determine the amount of INTEREST, PRINCIPAL and BALANCE owing for the mortgage after 3 Years and 11 Months. Input all the TVM variables and answers into the fields below. Amortization Mortgage Amount From Previous Question $527816 20 Years P/Y C/Y Present Value of Loan (PV- P1 Months P2 Months Number of Periods (N) Monthly Payment (PMT) BALANCE OWING (BAL) Mortgage Rate As % (I/Y) -7 Value At End of Loan (FV) PRINCIPAL PAID (PRN) 3.88 Section Value: 7 INTEREST PAID (INT) Submit Answers

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