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Ron's Loan: Ron borrows $3,000,000 to purchase a warehouse. The annual interest rate on the loan...

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Finance

Ron's Loan: Ron borrows $3,000,000 to purchase a warehouse. Theannual interest rate on the loan is 8.25 percent, and the term ofthe loan is 15 years. The loan requires the borrower to paytwo discount points at the time of origination.

A) What is the monthly payment necessary toamortize this loan?

B) What is the balance on the loan at the endof month 36?

C) How much interest will Ron pay in month37?   

D) How much principal will Ron pay in thefourth year of this loan (payments 37 through 48)?

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