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A company takes out an eight-year


A company takes out an eight-year. $860.000 mortgage on September 1. The interest rate on the mortgage is 5% per year, and blended payments of $10,888 (including both interest and principal) are to be made at the end of each month. The following is an extract from the mortgage amortization table:
Interest Principal Ending Mortgage Balance $ 188 (1) $3.583 $7,305 0.888 3553 (3) 845,360 1.888 3.522 7,366 (6) 1.888 3.492 7.396 830.598

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