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Arlen buys a home for $328,000 and makes a down payment of $33,000. The balance he finances with a 15 year mortgage with monthly payments
Arlen buys a home for $328,000 and makes a down payment of $33,000. The balance he finances with a 15 year mortgage with monthly payments and annual effective interest rate of 5.8%. There will be level payments followed by a final slightly reduced payment. Calculate the amount of interest that Arlen pays in the first 5 years of the loan. the answer is $73,797.79 but i'm not sure how to get it. please show steps
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