An organization has borrowed 526,000 for their new building. They obtained a 15-year mortgage at a nominal rate of 8.4% convertible monthly on the unpaid balance, with payments to be made monthly. The payments are level except for a slightly smaller final payment.
a) What is the monthly payment ?
b) If they were to sell the house after 7 years what is the outstanding loan balance ?
c) What is the total amount of interest paid in 15 years ?
(Please include steps.0
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