Problem:
Determine the annual repayment schedule for the first two years (ie, interest, principal repayment, and balance owed) for each of the following: (Assume one payment annually) Compare the payments required by each mortgage.
A) $100,000 conventional mortgage for 25 years at 5%
B) $100,000 conventional mortgage for 20 years at 5%
C) $100,000 Conventional mortgage for 25 years at 6%
Describe in detail and provide all workings and methods.