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a fifteen year adjustable-rate mortgage of 117,134.80 is being repaid with monthly payments of 988.45 based...

a fifteen year adjustable-rate mortgage of 117,134.80 is being repaid with monthly payments of 988.45 based upon a nominal rate of interest of 6% convertible monthly. immediately after the 60th payment, the interest rate is increased to a nominal interest rate of 7.5% convertible monthly. the monthly payments remain at 988.45, and there will be an additional balloon payment at the end of the fifteen years to pay the outstanding loan balance. a) calculate the loan balance immediately after the 84th payment b) calculate the amount of interest in the 84th payment c) calculate the amount of the balloon payment

*Please use relevant formulas to solve this question.

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jeff jeffy answered 1 year ago
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