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Your grandfather takes a reverse mortgage on his house for $100,000 at 8 percent for five...

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Finance

Your grandfather takes a reverse mortgage on his house for$100,000 at 8 percent for five years, annual annuity payments. Whatpayment will he receive? How much interest does he pay on the loan?What is the balance owed if he decides to repay the loan at the endof year 2?

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a Annual Payment Mortgage Amount r 1 1 rn 100000 008 1 1 0085 8000 03194 2504565 b Total Amount Paid Annual Payment Total no of Payments 2504565 5 12522823 Total    See Answer
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Your grandfather takes a reverse mortgage on his house for$100,000 at 8 percent for five years, annual annuity payments. Whatpayment will he receive? How much interest does he pay on the loan?What is the balance owed if he decides to repay the loan at the endof year 2?

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