You borrow a GPM of $450,000 with annual payments and 15-year term. The interest rate is 4.5% 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?Answer the questions (1) to (3) above if annual payment is changed to monthly payment.

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Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

You borrow a GPM of $450,000 with annual payments and 15-year term. The interest rate is 4.5% 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?
Answer the questions (1) to (3) above if annual payment is changed to monthly payment.

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