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the ram provides a fixed monthly payment over 15 years on 70 of the value of his hom 637340

1. Consider a growing equity mortgage on a $250,000 mortgage with yearly payments. The stated interest rate on the mortgage is 6%, but this only applies to the first annual payment. Thereafter, the annual payment will grow by 5.5797%. Develop an amortization table for this loan, assuming the initial payment is based on 30 years and the loan pays off in 15 years.

2. Rusty Nail owns his house free and clear, and it’s worth $400,000. To finance his retirement, he acquires a reverse annuity mortgage (RAM) from his bank. The RAM provides a fixed monthly payment over 15 years on 70% of the value of his home at 5%. The payments are made at the beginning of the month. How much does Rusty get each month?

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