Question
a.) Omar has a mortgage of $254,000 through his bank for property purchased. The loan is repaid by end of month payments of $1,539.74 with
a.) Omar has a mortgage of $254,000 through his bank for property purchased. The loan is repaid by end of month payments of $1,539.74 with an interest rate of 3.6% compounded monthly over 19 years. What is the interest paid in the 8th year of the mortgage? Enter in a positive amount for your answer.
b.) You are considering taking out a loan of $17,000.00 that will be paid back over 5 years with monthly payments of $313.85. If the interest rate is 4.1% compounded monthly, what would the unpaid balance be immediately after the thirteenth payment?
* If it is alright with somebody, could you please assist me with both parts here? I am having trouble on trying to figure out on what I am supposed to do here. Both parts count as one problem, so I would really appreciate the help. Thanks!
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