Find amount of principal paid-interest paid-ending balance

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Reference no: EM131322374

You borrow a 20 year $218,000 mortgage loan at annual interest rate of 3.5%.

(a) What is the monthly mortgage payment ?

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

(d)If you pay $240 more each month for the 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) You don't pay an extra amount each month. But your lender allows you to pay biweekly , you can pay off the loan in how many years or months ?

Solve the problem by using a financial calculator and show each step that was used to come to the answer.

Reference no: EM131322374

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