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What are monthly mortgage payments

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Reference no: EM132459369

Problem: You are deciding to purchase a new condo for $250,000. You plan to pay $50,000 down immediately and need to borrow the rest from your bank with quoted/stated interest rate of 3.6% (stated as APR12 , annual rate expr. with monthly comp. freq.)

For a 15-year fixed-rate loan, what are your monthly mortgage payments?  

After making payments for 10 years, what is your outstanding loan balance ? E.g., what's the lump-sum amount you'd have to make to pay-off the loan?

Reference no: EM132459369

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