The Sundarams are buying a new 3,500-square-feet house in Muncie, Indiana and will borrow $263,233 from Bank One at a rate of 5.518 percent for 15 years.
What will be their monthly loan payment? (Round intermediate calculations to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)
Monthly loan payment
What will be the principal amount of the loan at the end of 5 years and immediately after making their 60th payment? (Round intermediate calculations to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)Principal amount of the loan $
What will be the interest and principal amount during the first 5 years of the loan? (Round answers to 2 decimal places, e.g. 15.25.)