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, please show clear steps. Please note- I noticed that this question was asked in the past before, and there is a seemingly through solution to the problem: http://www.chegg.com/homework-help/questions-and-answers/arlen-buys-home-328-000-makes-payment-33-000-balance-finances-15-year-mortgage-monthly-pay-q1636467 However, the principal payment is incorrect, because it should be $328,000 - $33,000