22.03.2023 - 22:09

Given the following information, what is the monthly payment assuming this is an interest-only mortgage? Loan amount: $200,000 Term: 15 years Interest Rate: 7.5%

Question:

Given the following information, what is the monthly payment assuming this is an interest-only mortgage?

Loan amount: $200,000

Term: 15 years

Interest Rate: 7.5%

Answers (1)
  • Minnie
    April 8, 2023 в 20:10
    The monthly payment for an interest-only mortgage can be calculated by multiplying the loan amount by the interest rate and dividing by 12 (for 12 months in a year). So, for this loan amount of $200,000 and interest rate of 7.5%, the monthly payment would be: ($200,000 x 7.5%)/12 = $1,250 Therefore, the monthly payment for this interest-only mortgage would be $1,250. It's important to note that with an interest-only mortgage, the borrower is only required to pay the interest portion of the loan each month and not the principal. This can result in a lower monthly payment, but the borrower will still owe the full principal amount at the end of the loan term.
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