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Jack takes out a home loan of $960,000. For the first 10 years, he only repays the interest amount at the end of each month.
Jack takes out a home loan of $960,000. For the first 10 years, he only repays the interest amount at the end of each month. After the interest-only period expires, Jack needs to repay both the principal and the interest amount every month end. Below is the loan repayment schedule for month 132 Month Principal paid 132 Opening balance Interest paid of the loan 914997.77 2744.99 Calculate the total interest paid in year 10 and year 11 4165.12 Ending balance of the loan 910832.65
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