Use the following information to answer the next 3 questions. $280,000 Loan Amount 30 year loan with monthly payments 4% quoted rate on the loan (annual rate) 2 points in costs to the lender $3,000 in other closing costs Loan is to be paid off at the end of the 4th year. What is the balance remaining on the loan after 4 years? What is the Lender's Yield? What is the Borrower's Cost? Fill this out: Loan Amount: Loan Term: Interest Rate: Lender's Points: Additional Closing Costs: Paid off in: NI/Y Loan Pay Off: Lender's Yield: Borrower's Cost:

Use the following information to answer the next 3 questions. $280,000 Loan Amount 30 year loan with monthly payments 4% quoted rate on the loan (annual rate) 2 points in costs to the lender $3,000 in other closing costs Loan is to be paid off at the end of the 4th year. What is the balance remaining on the loan after 4 years? What is the Lender's Yield? What is the Borrower's Cost? Fill this out: Loan Amount: Loan Term: Interest Rate: Lender's Points: Additional Closing Costs: Paid off in: NI/Y Loan Pay Off: Lender's Yield: Borrower's Cost:

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 8FPE

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