What is the monthly payment for a $800,000 mortgage for the first 119 payments that is due in 10 years, has a 25 year amortization, at 5% interest? What is the amount of the 120th payment?
I use excel to compute the amortization table,
But, I'm still don't understand the question. If I finish the loan at payment 300, for 25 years or I ended at 120 with a full balloon payment.
I ask my professor and he told me: 'If mortgage due in 10 then final payment is a balloon payment including interest and principal'.
Question: I need to know what schedule I suppose to calculate (on excel or any other way that could be easier), and some hint to understand what actually the problem ask.