Iggy is about to purchase a new condominium in Long Island City and needs to borrow $645,000. If the loan is a 15-year, fully amortizing mortgage offering a 3.75% contract rate, what is his scheduled monthly loan payment?
What is the remaining balance on Iggy's loan after making payments for 3 years?
What is the total amount of interest paid Iggy pays if the loan is paid off at the end of 3 years?