Needing help with this question You just borrowed $1,000,000 using a...
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You just borrowed $1,000,000 using a 25 year home loan that's intecest-only for the first 3 years, and principal and interest (P\&) for the remaining 22 years. The interest rate is 3.72% pa compounding monthly which is not expected to change Which of the following statements is NOT correct? Select one: a. The effective monthly rate is 0.0031 per month given as a decimal if the interest rate rises, the 10 and P&4 monthly payments will rise. b. If the 10 term was one year longer so the P\&d term was one year shorter, then the monthly payments over the Pal term would be lower c. The IO loan's perpetuity factor' is 322580645 , while the P\&I loan's annuity factor is 180.098161. d. The 10 loan payments will be 53,100 per month rounded to the nearest cent. e. The PQJ loan payments will be $5,552.53 per month, rounded to the nearest cent
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