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  3. arlen buys a home for $311,000 and makes a down pa

Arlen buys a home for $311,000 and makes a down payment of $31,600. The balance...

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Accounting

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Arlen buys a home for $311,000 and makes a down payment of $31,600. The balance he finances with a fifteen-year mortgage with monthly payments and an annual effective interest rate of 5.8%. There will be level payments followed by a final slightly reduced payment. Calculate the amount of interest that Arlen pays in the first five years of the loan. (Round your answer to the nearest cent.) $

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