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Ms. Esperanto obtained a $40,400 home equity loan at 7.9% compounded monthly. (Do not round intermediate calculations. Round the PMT and final answers to

 

Ms. Esperanto obtained a $40,400 home equity loan at 7.9% compounded monthly. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.) a. What will she pay monthly if the amortization period is 14 years? Payment $ per month. b. How much of the payment made at the end of the fifth year will go towards principal and how much will go towards interest? Principal $ Interest 5 c. What will be the balance on the loan after five years? Balance $ d. How much interest did she pay during the fifth year? Interest paid $ 7

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