CH7 Q 9

You borrow $140,000.

The loan is structured as an amortized loan to be repaid over 9 years with

52 (end-of-period) payments per year. The lender is charging you a rate of 5.7%

APR.

a.What are the amortized loan payments?

b.How much interest do you pay over the life of the loan?

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Part 1

a.What are the amortized loan payments?

$enter your response here

(Round to the nearest cent.)

b.How much interest do you pay over the life of the loan?

$enter your response here

(Round to the nearest cent.)