John and Peggy recently bought a house. They financed the house with a $125,000, 30-year mortgage with

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John and Peggy recently bought a house. They financed the house with a $125,000, 30-year mortgage with an APR rate of 7%. Mortgage payments are made at the end of each month. What total dollar amount of their mortgage payments during the first three years will go towards repayment of the principal?(Round calculations to 4 d.p. where needed but final answer to 2 d.p.)

Posted Date: Jun 06, 2024 02:13 AM

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John and Peggy recently bought a house. They financed the house with a $125,000, 30-year mortgage with

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