Ms. Esperanto obtained a $40,700 home equity loan at 8.1% compounded monthly. (Do not round intermediate calculations. R

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answerhappygod
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Ms. Esperanto obtained a $40,700 home equity loan at 8.1% compounded monthly. (Do not round intermediate calculations. R

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Ms. Esperanto obtained a $40,700 home equity loan at 8.1%compounded monthly. (Do not round intermediatecalculations. Round the PMT and final answers to 2 decimalplaces.)a. What will she pay monthly if theamortization period is 16 years?Payment $ per monthb. How much of the payment made at the end ofthe sixth year will go towards principal and how much will gotowards interest?
c. What will be the balance on the loan aftersix years?Balance $ d. How much interest did she pay during thesixth year?Interest paid $
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