Lee having a hard time selling a building listed at $300,000. Being desperate he decides to...

Lee having a hard time selling a building listed at $300,000. Being desperate he decides to offer financing: a $300,000 super "sub-prime" 25- year mortgage at a mere quoted 6% (annual yield). Payments are monthly. (When calculating the effective interest rate, use 8 decimals)

Ken’s monthly salary is $3,000 and by law he cannot pay more than his one-third income as installment.

1）How many years it would take Ken to pay the mortgage loan if he decided to take the loan from the bank?

2）What is the number of years that minimize the installment and how much would be the installment?

Expert Solution

ekkarill92 answered 2 years ago

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