What is the balance after the first annual payment on a $180,000 loan for 20 years with a 6% interest rate and a payment of $15,693.22?
You borrow $100,000 for 10 years. The loan has an APR of 5% with monthly payments. You will make a $20,000 balloon payment at the end of the 10-year term. What is the monthly payment?
Prepayment penalties are more common on:
Commercial loans
Residential loans
They are equally common on residential and commercial loans
They do not exist on either residential or commercial loans