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Calculate mr eagle monthly payments

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University Mortgage Corp. has a new product with both a fixed rate and interest-only component. Mr. Eagle would like to finance a property that costs $250,000. The financing terms are:

15% down payment, 1 discount point, 80% will be fixed rate, 20% is interest only.

The fixed portion of the loan is for 25 years at an annual interest rate of 4%.

The interest-only portion is also for 25 years at an annual interest rate of 5%.

Calculate Mr. Eagle's monthly payments and end of year balances for each of the first three years.

Reference no: EM132638169

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