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We receive a 200000 mortgage from the gensinger bank for

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We receive a $200,000 mortgage from the Gensinger bank for 100 years. A VP at the bank, Robert tells us to fully amortize the mortage we need to pay $2,00 monthly. First, we would like to know how much the monthly and yearly mortgage rate the bank charges us. Second, we should find both the nominal and effectove annual mortgage rate. Third, we are interested in paying off the total amount in year 30(month 360). How much should we give the bank besides the MONTHLY mortgage payment?

Reference no: EM13622030

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