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QUESTION
You borrow a GPM of $450,000 with annual payments and 15-year term. The interest rate is 3.5% and the payment factors from year 1 to year 15 are:
You borrow a GPM of $450,000 with annual payments and 15-year term. The interest rate is 3.5% and the payment factors from year 1 to year 15 are: 50%, 50%, 50%, 50%, 50%, 75%, 75%, 75%, 75%, 75%, 100%, ..., 100%.
Questions:
- What are the annual payments for years 1 to 15?
- What is remaining balance at the end of each year?
- What are the interest payment and principal payment for years 1 to 15?
