Your brother's garden supplies business obtained a 30-year amortized mortgage loan for $250,000 at anominal annual rate (APR) of 7.0%, with 360 end-of-month payments. What is his monthly loan payment? What is the balance on his loan at the end of the first month? Please show work in excel

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A:

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Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.