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A bank has agreed to lend you $524,000 for a home loan. The loan will be fully amortized over 40 years at 5.33%, with .58 points. The loan payments will be monthly. The closing cost is estimated to be $2,579 and you plan to refinance the mortgage in 6 years.

Calculate the loan principal.

$529,694.46

$529,650.98

$529,655.51

$529,563.08

None of the answers are correct

2. A bank has agreed to lend you $53,000 for a home loan. The loan will be fully amortized over 39 years at 13.50%, with .44 points. The loan payments will be monthly. The closing cost is estimated to be $3,894 and you plan to refinance the mortgage in 8 years.

Calculate the amount of loan payments.

$663.27

$582.91

$647.87

$646.33

None of the answers are correct

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92765658

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