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Logan Green decided to build an earth friendly home. He owned the land, but had to...

Logan Green decided to build an earth friendly home. He owned the land, but had to seek financing to cover the cost of construction. Conglomerate Mortgage Company offered him a construction loan where no payments were made until one month after the certificate of occupancy was issued. After that the loan would convert to a standard 30 year fixed rate mortgage. Logan borrowed a lump sum of $421500 at 4% per year compounded monthly. Logan received his certificate of occupancy exactly 12 months after taking out the loan. What are his monthly payments? $   
How much interest does he pay in the first full year of making payments?

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ekkarill92 answered 1 year ago
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