A 30-year fully amortizing mortgage loan was made 10 years ago for $94,000 at 6 percent interest. The borrower would lik

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answerhappygod
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A 30-year fully amortizing mortgage loan was made 10 years ago for $94,000 at 6 percent interest. The borrower would lik

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A 30-year fully amortizing mortgage loan was made 10 years agofor $94,000 at 6 percent interest. The borrower would like toprepay the mortgage balance by $13,800.
Required:
a. Assuming he can reduce his monthlymortgage payments, what is the new mortgage payment?
b. Assuming the loan maturity is shortenedand using the original monthly payments, what is the new loanmaturity?
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