You just bought an investment property for 250,000
-you took a loan for 90% of the purchase price to buy the property
-the loan is fully amortized over 30 years ad payyments are made monthly
-the nominal annal rate of interest is 3.9% for this loan
-payments for this loan are 1061.25 per month.
How much total interest will you pay over the entire life of the loan?
What is your loan balance after exactly five years of payments (60 payments) have been made?
How much of your first payment will be interest and how much will be loan repayment?