How much was the total interest payment

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A person applied a mortgage of $250,000. A mortgage company claimed the interest rate for the 15-year loan is 5.5%.

(a) What would be the monthly payment?

(b) If the person accepted the terms of the loan on Oct. 1, 2008 (the first payment was due November 1, 2008), what is the balance of the loan at the end of 2010?

(d) After the beginning of 2011, this person decided to pay $500 more each month, when will the loan be paid off?

Reference no: EM13223329

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