Question: ( Interest only loan ) A one million 2 0 - years interest - only loan at 1 2 % annual interest rate with monthly

(Interest only loan) A one million 20-years interest-only loan at 12% annual interest rate with monthly payments. Please write down the financial functions (e.g., FV(n, i, PV, PMT)) and answer the following questions.
What is the monthly mortgage payment for this loan?
What is the monthly interest payment for this loan?
What is the mortgage balance at the end of year 3?
What is the amortization of the loan for year 1?

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