You borrowed from the bank $500,000 with an annual interest rate of 6% and a maturity of 30 years. There is no balloon payment. Determine the monthly mortgage payment. 2. Assuming semi-annual interest payment, determine both the bond equivalent and effective annual yields (to two significant digits) of a bond whose current price is $952, a coupon rate of 7%, a face value of $1000, and with a maturity of 15 years

Answer rating: 100% (QA)

To determine the monthly mortgage payment for a loan we can use the formula for calculating the fixe... View the full answer