Problem
You borrowed $325000 using a 30- year fixed rate mortgage with a 5.25% interest rate.
i. What is your schedule monthly payment?
ii. What is the amount of interest and principal paid with the first schedule payment, and what is the mortgage balance remaining after making the first payment?
iii. What is the mortgage balance after making your scheduled payment for 5 years?
iv. If you pay off your loan after 5 years, what is the total amount of interest you paid?