This morning, you borrowed $150,000 to buy a house. The mortgage rate is 7 percent. The amortized loan requires you to pay $10,000 in principal plus interest each year over 15 years. The first payment is due one year from today. How much is the second payment?

Answer rating: 100% (QA)

The second payment on the loan will be the same amount as the first payment which is 10000 Heres why ... View the full answer