Jerry bought a house for 500000 and made a 100000 down

Reference no: EM13600990

Jerry bought a house for $500,000 and made a $100,000 down payment. He obtained a 30-year loan for the remaining amount. Payments were made monthly. The nominal annual interest rate was 9%. After 10 years (120 payments) he decided to pay the remaining balance on the loan. .
A) What was his monthly loan payment?
B) What must he have paid (in addition to his regular 120 payment) to pay the remaining balance of his loan?

Reference no: EM13600990

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