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What is the effective annual interest rate on the mortgage

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Reference no: EM132829544

Question - You have a mortgage on your existing home. The mortgage payments are $2,046.73 per month (Note: this amount covers principal and interest only, and ignores property taxes and insurance payments.) You have lived in the house for 5 years, and the original mortgage was a 30-year fixed rate mortgage. The interest rate on the mortgage is 3.25% per year, compounded monthly. The next mortgage payment is one month away.

1. What is the effective annual interest rate on the mortgage?

2. What is the balance outstanding on the mortgage?

Please show me your steps to get these answers, even just in excel.

Reference no: EM132829544

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