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Category > Business & Finance Posted 28 May 2017 My Price 11.00

A fully amortizing mortgage loan is made for $100,000 at 6 percent interest for 20 years.

A fully amortizing mortgage loan is made for $100,000 at 6 percent interest for 20 years.

 

a. Calculate the monthly payment for a CPM loan.

b. What will the total of payments be for the entire 20-year period? Of this total, how much will be interest?

c. Assume the loan is repaid at the end of 8 years. What will be the outstanding balance? How much total interest will have been collected by then?

d. The borrower now chooses to reduce the loan balance by $5,000 at the end of year 8. (1) What will be the new loan maturity assuming

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Status NEW Posted 28 May 2017 09:05 AM My Price 11.00

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