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Rachael has a mortgage of $474,000 to be repaid by end of month payments with an interest rate of 5.21% compounded monthly over 14 years.

Rachael has a mortgage of $474,000 to be repaid by end of month payments with an interest rate of 5.21% compounded monthly over 14 years. What is the interest paid in the 3rd year of the mortgage? a. What is the amount of each payment? P/Y - C/Y- I/Y- N- PV- FV PMT - b. How much interest was paid in the 3rd year? = 9 (Enter a positive value for your answer.)

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