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 balanceis $368; 600?b) (5 points) How much interest did you pay on the loan in the past year?
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 balanceis $368; 600?b) (5 points) How much interest did you pay on the loan in the past year?
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