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navik [9.2K]
3 years ago
8

"5. you are buying a property that will carry a $1,750,000 mortgage. your loan is interest only for 5 years but the interest rat

e can reset every year. the interest rate has a cap of 0.75% per year. the starting rate is 4.00%. at the end of year 1, the loan resets with an actual rate is 5.50%. (hint: remember the cap). at the end of year 2, the actual loan rate climbs to 7.0%. the rate remains there. in year 6, the loan resets to a fully amortized loan with 25 years to maturity at the current rate plus 0.25%. put together a loan schedule that shows the annual payments and balance at the end of each year. what is the fully amortized payment beginning in year 6?"
Business
1 answer:
dsp733 years ago
5 0
I honesly dont know frfr
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