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A borrower is offered a mortgage loan for 100000 with an

A borrower is offered a mortgage loan for $100,000 with an interest rate of 10% and a 30-year amortization period with monthly payments. The lender charges three points at origination. What is the effective interest rate? You are buying a $162,000 house with a 20% down payment and a fixed-rate mortgage for the remainder at 8.75% for 30 years with monthly payments. What is the balance or amount outstanding on the loan at the end of the fourth year

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Finance Basics: A borrower is offered a mortgage loan for 100000 with an

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