Question: Problem 3 a. If you take a loan for a house in the amount of $500,000 at an effective interest rate of 2.5% (APR) for

Problem 3 a. If you take a loan for a house

Problem 3 a. If you take a loan for a house in the amount of $500,000 at an effective interest rate of 2.5% (APR) for 30 years, determine the monthly payment on the loan (assume equivalent monthly payments). b. Using the information provided in a, determine the amount of principal you would owe after 5 payments. C. Using the information provided in a, assume that you make an extra payment of $200 each month. Determine the amount of principal you would owe after 5 payments

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