1. a) The original mortgage balance (MB0) is $350,000; and, the number of months of...
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Finance
1.
a) The original mortgage balance (MB0) is $350,000; and, the number of months of the mortgage loan (n) is 360. What is the monthly mortgage payment (MP) if the initial note rate (nominal annual rate) (i) is 7.50%?
b) what is the effective annual rate on the loan in a?
c) What is the remaining balance on the loan in a just after the 40th monthly payment is made?
d ) What is the total interest payment made (from month 1 to month 60) on the loan in a just after the 60th monthly payment is made
e) What is the total principal repayment made (from month 1 to month 84) on the loan in a just after the 84th monthly payment is made
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