What is the Net Loan Amount (after any fees) of a 15-year $790,000 FRM loan with 8 points of origination fees and a contract interest rate of 4.42% that fully amortizes if the loan is prepaid after 4 years? Please round your answer to the nearest cent (ie, two digits right of the decimal) What is the outstanding mortgage balance (OMB) if the loan is prepaid after 5 years? What is the
What is the Net Loan Amount (after any fees) of a 15-year $790,000 FRM loan with 8 points of origination fees and a contract interest rate of 4.42% that fully amortizes if the loan is prepaid after 4 years? Please round your answer to the nearest cent (ie, two digits right of the decimal) What is the outstanding mortgage balance (OMB) if the loan is prepaid after 5 years? What is the
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...
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