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Archie and Betty obtain a 30 year $170000 conventional mortgage at 9% on a house selling for $190000. The monthly mortgage payment including principal and
Archie and Betty obtain a 30 year $170000 conventional mortgage at 9% on a house selling for $190000. The monthly mortgage payment including principal and interest is $1368.50.
a. determine the total amount they will pay for their home.
(round answer to the nearest dollar as needed)
b. how much of the final cost will be interest?
(round answer to the nearest dollar as needed)
c. how much of the first payment on the mortgage is applied to the principal?
(round answer to the nearest cent as needed)
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