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?

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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 2 months ago

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