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How much was the total payment of the entire loan

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Question - Make sure that the loan is set to $200,000 with the interest rate to 3.5% and also make this a variable rate with 7 years fixed interest, term 30 years. Variable rate ARM loans usually have lower interest rates, but after 7 years - assume the interest rate goes up by .25%.

If you pay an extra $350 a month and pay $35,000 additional payment on the 85th month (or right after 7 years)

a) How much interest will you save?

b) What date will the entire loan get paid?

c) How much taxes will you save?

d) What is the loan balance on year 18?

e) How much was the total payment of the entire loan?

f) How much was the total interest payment?

Reference no: EM133157237

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