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Determine the monthly payment for the original mortgage loan

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Reference no: EM132811904

Two years ago, Elizabeth Maynes took out a ten year $400,000 mortgage loan from XYZ Bank Limited at an annual interest rate of 6% compounded semiannually. ABC Bank Limited is offering an eight year mortgage loan at 5% interest rate per year compounded semiannually. In order to settle existing mortgage loan with XYZ, Elizabeth has to pay a penalty equivalent to last 3 months of interest (months 22, 23, and 24).

-Determine the monthly payment for the original mortgage loan.

-Determine the principal outstanding today on the original mortgage loan.

-Determine the amount of interest paid to date.

-Should Elizabeth switch to ABC? Support your answer with numerical calculations.

Reference no: EM132811904

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