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Use the below information to answer the following 3 questions regarding partially amortizing ( balloon ) mortgages Loan amount: $ 2 , 5 0 0

Use the below information to answer the following 3 questions regarding partially amortizing (balloon) mortgages
Loan amount: $2,500,000
Interest Rate: 8.00%
Term: 7 years
Amortization: 20 years How much total interest will be paid during the term of this loan? What is the balloon payment at the end of the term? How much total principal will be paid during the term of this loan?

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