Consider a mortgage loan of $300,000, to be amortized over thirty years with monthly payments. If...

Consider a mortgage loan of $300,000, to be amortized over thirty years with monthly payments. If the annual percentage rate on this mortgage is 4% :

What is the monthly payment on this loan?

What is the balance of this loan AFTER the 14th payment is made?

How much of the 8th payment is allocated to interest?

How much of the 19th payment is allocated to principal?

Expert Solution

Calculation for each part is shown below

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jeff jeffy answered 2 years ago

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