23 Jul HOW MUCH WOULD WE GIVE ADDITIONALLY TO THE LENDER TO ELIMINATE THE LOAN?
We receive a mortgage loan for 20 years.. The mortgage rate is 6% per annum. Additionally the month Show more We receive a mortgage loan for 20 years.. The mortgage rate is 6% per annum. Additionally the monthly payment we ought to make to the bank to amortize the loan is $2 500. Secondly compute the remaining amount we still owe the bank if we pay an additional single sum of $50000 after 5 years. Thirdly as part of this computation find how many more months we will pay the bank to induce the loan expire. Fourthly if we accumulate a lot by year 10(end of the year) How much would we give additionally to the lender to eliminate the loan? Fifthly how much is the effective annual rate? Show less
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