1. Three years ago you took out a 30-year amortizing loan. The loan has a 6% APR with monthly payments (and monthly compounding). a) (5 points) What are your monthly payments if your current loan balance is $368; 600? b) (5 points) How much interest did you pay on the loan in the past year?
1. Three years ago you took out a 30-year amortizing loan. The loan has a 6% APR with monthly payments (and
monthly compounding).
a) (5 points) What are your monthly payments if your current loan balance is $368; 600?
b) (5 points) How much interest did you pay on the loan in the past year?
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