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What is the monthly mortgage payment

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You borrow a 15-year $185,700 mortgage loan at annual interest rate of 3.42%. (time lineis not required)

a. What is the monthly mortgage payment for your mortgage?

b. Find the amount of principal paid, interest paid, and the ending balance for the first month.

c. Find the amount of principal paid, interest paid, and the ending balance for the last month (i.e., month 180)

d. If you pay $180 more each month for principal payment in addition to the monthly payment you calculate in part (a), you can pay off the loan in how many years (or months)?

e. If you lender allows you to pay biweekly, you can pay off the loan in how many years (or months)?

Reference no: EM132770457

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