A $80,000 mortgage loan is made at a 12 percent (nominal) rate of interest for 30 years. What isthe constant monthly mortgage payment on this loan, assuming it is to be fully amortized at the end of 30 years? Determine the loan balance at the end of 10years and construct a oneyear amortization schedule
Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360).
