A 50000 interest- only mortgage loan is made for 30 years, Financial Management

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A 50000 interest- only mortgage loan is made for 30 years

A $50,000 interest- only mortgage loan is made for 30 years at a nominal interest rate of 6 percent. Interest is to be accrued daily, but payment is to be made monthly. Assume 30 days each month.

a. what will the monthly payment be on such a loan?

b. what will the loan balance be at the end of 30 years?

c. what is the effective annual rate on this loan?

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Financial Management: A 50000 interest- only mortgage loan is made for 30 years

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