Reference no: EM133056704
Loan 1:
Total Payments: 30 years (360)
Annual interest rate= 5%
Start date of the loan: 1/1/2020
Principal borrowed: $100,000
1. What is the monthly payment (Principal and interest)?
2. What is the total interest paid?
3. Total of 360 Payments?
4. At what payment number does the amount going to the actual principle exceed the amount allocated toward paying interest?
Principal borrowed: $250,000
Total payments: 15 years (180 months)
Interest rate= 7%
Start date of the loan: 1/1/2020
1. What is the monthly payment (Principal and interest)?
2. When making payment number 24, how much of your payment is going toward interest?