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Calculate the balloon payment

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Question 1: Suppose you have taken out a $175,000 fully amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 5.25%. After your first mortgage payment, how much of the original loan balance is remaining?

Question 2: Assume you have taken out a partially amortizing loan for $1,250,000 that has a term of seven years but amortizes over 20 years. Calculate the balloon payment if the interest rate on this loan is 7.25%.

Please show your work, highlighting the answers. (Just answers without work shown equals no points)

(Show how to get both these answers in excel spreadsheet)

Reference no: EM132442048

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