Mathematics, 21.05.2020 21:14, Angelav3

Ben and Jane have been approved for a $220,000 loan, 30-year mortgage with an APR of 5.82%.

Their payment for this loan will be $1293.66 if they get a regular conventional loan.

a) What will their total interest be for the loan? 123

(2 points)

b) If their mortgage is an interest-only balloon mortgage, find the monthly interest-only payment (before the final balloon payment).

345 (2 points)

round each answer to the nearest cent. Do not include units (5) in either answer.

Answers: 2

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Ben and Jane have been approved for a $220,000 loan, 30-year mortgage with an APR of 5.82%.