Ben and Jane have been approved for a $220,000 loan, 30-year mortgage with an APR of 5.82%.
Their payment for this loan will be $1293.66 if they get a regular conventional loan.
a) What will their total interest be for the loan? 123
(2 points)
b) If their mortgage is an interest-only balloon mortgage, find the monthly interest-only payment (before the final balloon payment).
345 (2 points)
round each answer to the nearest cent. Do not include units (5) in either answer.