A loan of $310,000 is amortized over 30 years with payments at the end of each...

A loan of $310,000 is amortized over 30 years with payments at the end of each month and an interest rate of 6.9%, compounded monthly.

Answer the following, rounding to the nearest penny.

a) Find the amount of each payment. $
b) Find the total amount of interest paid during the first 15 payments. $

c) Find the total amount of interest paid over the life of the loan. $

d) Find the total of all payments made over 30 years. $

Suppose that payment number 6 is skipped and the interest owed for month 6 is added to the balance. Payments then resume as usual for the remainder of the 30 years.
e) Find the balance owing at the end of month 6. $
f) Find the balance remaining after the 360th payment. $

Expert Solution

Colby Messinger answered 2 days ago

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