In: Finance
Show all your work (use of formula, etc.) in solving the problems. You still need to show your work even if you use the financial calculator to get the answers. Please do not use excel. Thank you!
3. You are taking out a thirty-year mortgage loan of $470,000 from your bank. The interest rate is 4 percent per year, and the loan calls for equal monthly payments. How much interest is paid in the fourth month? How much total principal is paid after four months? (Draw an amortization table to answer the questions).