Question: Ann gets a fully amortizing 30-year fixed rate mortgage with monthly payments. The initial balance is $1,000,000. The interest rate is 3.50%, compounded monthly. What

Ann gets a fully amortizing 30-year fixed rate mortgage with monthly payments. The initial balance is $1,000,000. The interest rate is 3.50%, compounded monthly. What will be Anns loan balance after her 240th payment (if Ann makes exactly the required monthly payment for 20 years)?

Also, Using your answer from Q11, what fraction of the 241st payment will go to principal (in percent)?

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