Suppose a potential home buyer is interested in taking a fully amortizing $500,000 mortgage loan that has a term of 30 years and a fixed mortgage rate of 5.25% payable monthly. What is the total interest and principal paid over the first five years (60 payments)

Principal $500,000

Interest payment is $69,580

Explanation:

Loan Payment Includes the principal and interest payment.

Loan Payment per month = r ( P ) / 1 - ( 1 + r )^-n

r = rate per period = 5.25% per year = 5.25%/12 per month

n = number of payments = 60 months

P =  Loan Amount = $500,000

P = 5.25%/12 ( $500,000 ) / 1 - ( 1 + 5.25%/12 )^-60

P = $9,493 per month

Total Payment = $9493 x 60 = $569,580

Principal Payment = $500,000

Interest Payment = $569,580 - $500,000 = $69,580

answer; possession utility;

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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