2. Riley purchases a home and borrows $200,000. Mortgage payments are to be made monthly...
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2. Riley purchases a home and borrows $200,000. Mortgage payments are to be made monthly for 30 years with the first payment to be made one month from loan origination. The annual effective rate of interest is 5%. Starting with 100" payment, $400 is added to each payment in order to repay the mortgage earlier. a. What is the amount of the original monthly payment? b. What is the outstanding balance immediately after the 99 payment? c. What will be the amount of the 100 payment? d. How many more payments in addition to the original 99 payments will be required? e. What will be the amount of last payment
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