Question

Professor Cole bought an investment property for $400,000. He took out a standard 30 year fixed mortgage for $293000 at a nominal rate of 5.125% per year, with uniform monthly payments starting a)one month from the date of closing. He paid all of the loans closing costs. What were his monthly mortgage payments? $  
b)Exactly 5 years to the day he sold the property for $475,000. Assuming that he had already made his mortgage payment that day what was the remaining balance of the mortgage? $  
c)How much of his final payment was interest? $  
d)How much of his final payment went toward principle? $  
(note his final payment was his 60th payment, because he sold the property after 5 years)

Answer 1

for formulas and calculations, refer to the images below -