What is the monthly payment necessary to amortize this loan

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Reference no: EM132029762

Ron borrows $5,130,329 to purchase a warehouse. The annual interest rate on the loan is 8.25%, and the term of the loan is 15 years.

a. What is the monthly payment necessary to amortize this loan?

b. What is the balance on the loan at the end of month 36?

c. How much interest will Ron pay in month 37?

d. How much principal will Ron pay in month 37?

e. How much principal will Ron pay in the fourth year of this loan (payments 37 through 48)?

Reference no: EM132029762

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