If a mortgage amount is 1000000 and the number of years until full settlement is 10 years with an annual interest rate 5% . What is the level monthly mortgage payments. Build up an amortization schedule for the mortgage.
Added by Mark J.
Step 1
To calculate the monthly interest rate, divide the annual interest rate by 12 (the number of months in a year). Monthly interest rate = 5% / 12 = 0.05 / 12 = 0.00417 or 0.417% Show more…
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