a. What is the outstanding​ balance?   b. Suppose you cannot make the mortgage payment and you are in danger of losing your house to foreclosure. The bank has offered to renegotiate your loan. The bank expects to get $119,799 for the house if it forecloses. They will lower your payment as long as they will receive at least this amount​ (in present value​ terms). If current 22​-year mortgage interest rates have dropped to 6.198% ​(APR), what is the lowest monthly payment you could make for the remaining life of your loan that would be attractive to the​ bank

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.