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What would be the monthly payments

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Question - Considering to buy a house, you are thinking of a mortgage with the amount of $550,000, with 9% interest rate for 15 years.

(a) If the loan is fully amortized, what would be the monthly payments? Show full tabulation for the 1st Month.

(b) If the loan is partially amortized, what would be the monthly payments, given a balloon payment of $50,000?

(c) If the loan is interest-only, what would be the monthly payments?

(d) If the loan is negative amortizing, what would be the monthly payments, given the loan balance will be $650,000.

(e) If in (a), the lender charges 4 points, what would be the APR?

Reference no: EM132991163

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