Question
Charlie has a 25-year home mortgage. He borrowed $275,000 at a rate of 3.65% (fixed). How much of his first monthly mortgage payment will go
Charlie has a 25-year home mortgage. He borrowed $275,000 at a rate of 3.65% (fixed). How much of his first monthly mortgage payment will go towards interest (as opposed to principal)?
a. $562.48 b.$836.46 c. $144,681.01 d. $834.75
Carly has a 34-year home mortgage. She borrowed $153,000 at a rate of 3.55% (fixed). How much of her first monthly mortgage payment will go towards principal (as opposed to interest)?
a. $2,388.33 b.$646.26 c. $452.63 d. $193.64
Luke has a 30-year home mortgage. He borrowed $213,000 at a rate of 3.35% (fixed). How much of his first monthly mortgage payment will go towards principal (as opposed to interest)?
a. $4,288.97 b.$344.09 c. $938.72 d. $594.63
Daniel borrows $120,670 for a home mortgage. The mortgage is for 22 years at 4.21% interest. If Daniel makes an extra principal payment of $50 per month, how much will he pay in total interest over the life of the loan?
a. $64,584.85 b.$144,330.80 c. $423.35 d. $57,102.26
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