Calculation of monthly payments

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Reference no: EM1310872

Calculation of Monthly Payments and Outstanding Loan Balance and Principal paid under Amortizing-Mortgage Contract

Answer the following questions-

a) What are the monthly payments for a 30-year, 9.00%, fully-amortizing mortgage with initial contract principal of $120,000?

b) What is the outstanding loan balance after 12 years on the above 30-year, 9.00%, $120,000 loan with monthly payments?

c) What is the amount of principal paid down and the amount of interest in the first payment in the above mortgage?

Reference no: EM1310872

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