Question: Bob got a 3 0 year Fully Amortizing FRM for $ 1 , 5 0 0 , 0 0 0 at 4 % , except

Bob got a 30 year Fully Amortizing FRM for $1,500,000 at 4%, except with non-constant payments. For the first 2 years Bob will pay $1,250 per month. The loan will become a fully amortizing mortgage after 2 years. What will be the balance on this mortgage after 2 years? (Write the answer as a number rounded to two decimals (e.g. if you get $50,66666, write 50.67).

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