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What is the balance of the loan on december

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On March 20th , 2007 Janet and Dennis obtained a $185,000, 25-year home loan at 5.95% interest compounded monthly. Their first payment was due on April 20th, 2007. If their monthly payment is $1190 and their balance on December 20th , 2013 is $157,897.72, answer the following:

a. What is the balance of the loan on December 20th, 2014?

b. How much interest will be paid on the loan during 2014?

Reference no: EM132707451

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