6. A fully amortizing mortgage is made for $80k for 25 years and monthly payments...

50.1K

Verified Solution

Question

Finance

image

6. A fully amortizing mortgage is made for $80k for 25 years and monthly payments are $900 per month. What is the interest rate on the loan? 7. For #6 what is the loan balance in 9 years

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students