Problem-a 40000 mortgage loan charge interest at 975, Ask an Expert

Accounting

Problem-

A $40,000 mortgage loan charge interest at 9.75% compounded monthly for a 4 year term. Month payments were calculated for a 15 year amortization

1. What will be the principal balance at the end of the first term?

2. What will the monthly payment be on renewal for a 3 year term if it is calculated for an interest rate of 9% compounded monthly and an 11 year amortization period?

Additional information-

The problem belongs to Accounting and it discusses about calculation of principal balance and compounded monthly interest for mortgage loan.

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Accounting Basics, Accounting

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