You plan to get a mortgage which is an amortized loan. The mortgage is $350,000 for...

You plan to get a mortgage which is an amortized loan. The mortgage is $350,000 for 15 years with APR of 3.5% compounding monthly. How much is the interest payment of the 8th month of the 8th year? How much is the balance after 12 years?

Expert Solution

interest payment of the 8th month of the 8th year (92nd payment) = $571.32

balance after 12 years (144th payment) = $95,690.27

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jeff jeffy answered 9 months ago

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