What must monthly payments be

Reference no: EM131794369

Question: A partially amortizing mortgage is made for $100,000 for a term of 15 years. The borrower and lender agree that a balance of $20,000 will remain and be repaid as a lump sum at that time. If the interest rate is 12 percent, what must monthly payments be over the 15-year period?

Reference no: EM131794369

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