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1. A construction company wanted to get 10-year get a mortgage for a property. The target mortgage loan is fully amortized with $500,000 quarterly payments

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1. A construction company wanted to get 10-year get a mortgage for a property. The target mortgage loan is fully amortized with $500,000 quarterly payments with a 1.5% per quarter interest rate. a) What is the loan amount of mortgage used to buy the property? b) What would be the loan balance on the property after 8 years? c) How much of the principal of the loan would be paid after 8 years

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