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Question 4 Catherine has a mortgage of $298,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,384.73
Question 4 Catherine has a mortgage of $298,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,384.73 with an interest rate of 3.53% compounded monthly over 13 years. What is the interest paid in the 5th year of the mortgage? Enter a POSITIVE VALUE for the answer, rounded to two decimal places. P1 = P2 = Interest paid in 5th year = $ (enter a positive value)
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