Determine the annual mortgage payment

Reference no: EM132210673

Question - Assume we have a $2 million 10 year mortgage with annual payments beginning in exactly one year; the interest rate is 8%. Determine the annual mortgage payment under the following assumptions. In each case verify your calculation by giving the relation between the pay rate and the accrual rate.

A- Loan is fully amortizing?

B- Loan is partially amortizing with a balloon payment of $1,000,000?

C- It is an IO loan?

Reference no: EM132210673

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