Jim borrows $70,000 toward the purchase of a home at 6.25 percent interest. His mortgage is for 30 years.
a. What is his monthly payment?
b. How much of his 2nd month payment is contributed to interest?
c. How much interest will he pay over the life of the loan?
d. If you wish to pay off your loan after having paid the mortgage for 5 years, how much do you need to pay off your loan?
How do I do this on the calculator? using a finance calculator of course...plus if you could give the answer to the problem I would know if I was right.