Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A family borrowed $64,000 to buy a house. The loan was at 7.2% and for 20 years. The monthly payments were $503.90 (a) How much

image text in transcribed
A family borrowed $64,000 to buy a house. The loan was at 7.2% and for 20 years. The monthly payments were $503.90 (a) How much of the first month's payment was interest, and how much was principal? interest $ principal (b) What was the total amount paid over the 20 years? [-/9.1 Points] ROLFFM8 5.4.057. For a 30-year house mortgage of $200,000 at 4.5% interest, find the following. (Round your final answers to two decimal pla (a) the amount of the first monthly payment that goes to repay principal (b) the amount of the 121 st month's payment (after 10 years) that goes toward payment of principal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Your Financial Future How To Take Control Of Your Financial Future

Authors: Deloris Lutke

1st Edition

979-8388730831

More Books