Suppose that you have just borrowed $250,000 in the form of a 30 year mortgage. The loan has an annual interest rate of 9% with monthly payments and monthly compounding.
a. What will your monthly payment be for this loan?
b. What will the balance on this loan be at the end of the 13th year?
c. How much interest will you pay in the 6th year of this loan?
d. How much of the 224th payment will consist of principal?
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