Ingrid obtains a 15-year, $63,750 conventional mortgage at a 6.5% rate on a house selling for $75,000.
Question:
Ingrid obtains a 15-year, $63,750 conventional mortgage at a 6.5% rate on a house selling for $75,000. Her monthly payment, including principal and interest, is $555.33. She pays 0 points.
a) Determine the total amount Ingrid will pay for her house.
b) How much of the cost will be interest?
c) How much of the first payment on the mortgage is applied to the principal?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a Total payments 555331512 9995...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
15+ Reviews
45+ Question Solved
Related Book For 
A Survey Of Mathematics With Applications
ISBN: 9780135740460
11th Edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Question Posted:
