A GPM for $500,000 is to be amortized for 30 years with interest at 5% per...

A GPM for $500,000 is to be amortized for 30 years with interest at 5% per annum. Payment will increase by 5% each year at the end of the first three years.

Calculate the initial payment.
What would be the outstanding balance after month 15?

Expert Solution

jeff jeffy answered 2 years ago

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