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PLEASE QUOTE FORMULAR IN WORDS BEFORE INSERTING FIGURES, DO NOT JUMP STEP. Five years ago you took out a 10-year amortizing loan to purchase an

PLEASE QUOTE FORMULAR IN WORDS BEFORE INSERTING FIGURES, DO NOT JUMP STEP.

Five years ago you took out a 10-year amortizing loan to purchase an apartment. The loan has 3.6% APR with monthly payments of $1600 . How much do you owe on the loan today?

The remaining loan balance is $. (round to the nearest dollar)

How much interest did you pay on the loan in the past year?

The interest paid in year five was $. (round to the nearest dollar)

Over the entire period of 10 years, how much interest will you have paid on the loan?

The total amount of interest paid on the loan will be $. (round to the nearest dollar)

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