The Bainters want to know how much they would pay on their loan each year as well as how much they would pay on their loan after 5 years, 10 years, 15 years, and 30 years. They also want to determine how much they would pay in interest on their loan when they repay the entire loan.
What are the amounts?
Your answer should include (remember to show or explain your calculations)
the total amount paid in loan payments after 1 year
the total amount paid in loan payments after 5 years
the total amount paid in loan payments after 10 years
the total amount paid in loan payments after 15 years
the total amount paid in loan payments after 30 years
the total amount of interest paid on the loan when it is repaid