Amortization (Interest, Principal and Balance) Q5. The mortgage is the same as described in Q4 above. What are the total interest payments and principal payments paid in year 1 and 2? What is the balance at the end of year 2? Q6. A 30-year FRM loan of $300,000 is issued at an annual interest rate of 6% with monthly amortization. What is the total interest payment and principal payment paid in year 11? What is the balance at the end of year 20? Q7. What is the monthly payment if the above mortgage in Q6 is not amortized? What if it is partially amortized with a balloon payment or balance of $100,000 at the end of 30 years