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What is the interest included in the payment of the mortgage

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Question 1 - Abeba has taken out a loan for server equipment for her business totaling $17,500. The loan will be repaid by making end of quarter payments of $518.16 for the next 10 years. If interest is 3.4% compounded monthly, find the balance on the loan at the end of the 1st year?

Question 2 - Brian has a mortgage of $417,000 through his bank for property purchased. The loan is repaid by end of month payments of $2,985.35 with an interest rate of 4.76% compounded monthly over 17 years. What is the interest included in the 37th payment of the mortgage?

Reference no: EM133154957

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