What would be the principal balloon payment

Assignment Help Financial Management

Reference no: EM131844741

1. Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.90%. What portion of the payments during the first 31 months goes toward principal?

14.44%

12.79%

14.21%

14.53%

13.85%

2. What would be the principal balloon payment (that is excluding the fixed monthly payment) at the end of 5 years on a $150,000 loan with monthly payments based on a 30 year term at 12% compounded monthly?

143,243

146,495

148,038

154,034

156,343

Reference no: EM131844741

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