How much interest will you pay in the 12th year of a $85,000, 5.5%, 25 year mortgage, assuming monthly compounding? P/YR = 12

Get PMT first.

P/YR = 12

PV=-85,000, I/YR=5.5, N=25*12=300, PMT = ?

133 INPUT (144-12*1+1=133; 12*11=132 marks the end of 11th year, 133 marks the first payment of 12th year).

144 AMORT (12*12)

a. 3,062.219

b. 3,198.201

c. 3,014.225

d. 3,284.047