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Calculate total interest amount paid at end of amortization

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You are a financial consultant and need to provide information to a client who would like to renew his mortgage. The loan amount is $462,000 and the new mortgage agreement will start on Oct 1, 2020.

Provide your client with 3 different options:

Problem 1: Calculate what his monthly payments would be if the loan was amortized over the following terms:

a. 10 years
b. 20 years
c. 25 years

Problem 2: Use a bank's special mortgage rate of 2.16% (that is the annual percentage rate and will not change over the amortization period). Calculate the total interest amount paid at the end of amortization terms. Calculate monthly interest payment and monthly principal payment for each options.

Reference no: EM132663438

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