A fully amortizing mortgage loan is made for $82,000 at 6 percent interest for 25 years. Payments are to be made monthly
Posted: Fri Jul 01, 2022 7:51 am
A fully amortizing mortgage loan is made for $82,000 at 6percent interest for 25 years. Payments are to be made monthly.
Required:
a. Calculate monthly payments.b. Calculate interest and principal paymentsduring month 1.c. Calculate total principal and totalinterest paid over 25 years.d. Calculate the outstanding loan balance ifthe loan is repaid at the end of year 10.e. Calculate total monthly interest andprincipal payments through year 10.f. What would the breakdown of interest andprincipal be during month 50?
Required:
a. Calculate monthly payments.b. Calculate interest and principal paymentsduring month 1.c. Calculate total principal and totalinterest paid over 25 years.d. Calculate the outstanding loan balance ifthe loan is repaid at the end of year 10.e. Calculate total monthly interest andprincipal payments through year 10.f. What would the breakdown of interest andprincipal be during month 50?