Question
Henry borrows $410,000 for a home mortgage with monthly payments. The mortgage is for 34 years at 3.71% interest. How much total interest will Henry
Henry borrows $410,000 for a home mortgage with monthly payments. The mortgage is for 34 years at 3.71% interest. How much total interest will Henry pay over the life of the loan?
$722,117.34
$312,117.34
$1,034,633.96
$410,000.00
Alex has a 32-year home mortgage. He borrowed $350,000 at a rate of 3.42% (fixed). How much of his first monthly mortgage payment will go towards interest (as opposed to principal)?
$503.09
$997.50
$226,226.89
$996.07
Cameron borrows $180,000 for a home mortgage with monthly payments. The mortgage is for 15 years at 3.68% interest. How much total interest will Cameron pay over the life of the loan?
$552.00
$180,000.00
$54,496.49
$234,496.49
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Income Tax Fundamentals 2013
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