How to calculate monthly payment

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Reference no: EM13176699

1. A individual is borrowing 175,000 for a 15 year loan at 4.17% per year compounded monthly. Calculate his monthly payment.

2. For the loan described under Q1, what would be the amount owed to the bank if the individual decides to sell the house immediately after the 71st payment?
3. For the same loan described under Q1, the individual decides that instead of selling the house after the 71st payment, to keep it and shorten the pay off period by increasing the montly payment by $150 each month. What is the number of months required tp pay off the balance?

Reference no: EM13176699

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