A 30 year fully amortizing monthly mortgage loan was made, Ask an Expert

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A 30 year fully amortizing monthly mortgage loan was made 10 years ago for 75000 at 8 percent interest. The borrower would like to prepay the mortage balance by 10,000.

A) assuming he can reduce his monthly mortgage payments, what is the mortgage payment?

B) assuming the loan maturity is shortened and using the original monthly payments, what is the new loan maturity?

C) if yeilds are the same why do lenders insist on the first structure?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92669583

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