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Question - Your bank has offered you a 10-year, $100,000 mortgage with monthly payments. The bank is charging 1.5 points and a $750 "processing" fee, both are deducted from the mortgage when it is given. The APR on the mortgage is 12%.
a. Calculate the monthly payment on the mortgage, show the amortization table, and compute the EAR.
b. Will the EAR of the mortgage change if the term of the loan is 6 years?
c. Compute the total interest paid in each of the year of the mortgage.
Data
A Monthly Mortgage
Mortgage principal 100,000
Annual interest rate 12%
Monthly interest rate 1%
"Points" 1.50
Origination Fee 750.00
Mortgage term (years) 10
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