A 30-year fully amortizing mortgage loan was made 10 years ago for $94,000 at 6 percent interest. The borrower would lik
Posted: Fri Jul 01, 2022 7:46 am
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?
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?