Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

**** Multiple Answer Question **** **** Select ALL correct answers **** We just made the 30th payment on our 10-year, 6% mortgage. The original loan

**** Multiple Answer Question **** **** Select ALL correct answers **** We just made the 30th payment on our 10-year, 6% mortgage. The original loan amount was $200,000 and our monthly payment (without the tax and insurance escrow amounts) is $2,220.41. After our 30th payment how much is left to repay on our original loan amount? How much total interest will we pay over the life of this loan? Helpful items: PVIFA(0.5%,120)=90.07345333 PVIFA(0.5%,90) =72.33129958 PVIFA(0.5%,30) =27.79405397

Group of answer choices

Remaining mortgage balance after the 30th payment is $133,387.70

Remaining mortgage balance after the 30th payment is $150,000.00

Remaining mortgage balance after the 30th payment is $160,605.14

The total interest paid over the life of the loan is $66,449.20

The total interest paid over the life of the loan is $266,449.20

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

Strategies For Forex Trading How To Maximizing Your Potential Returns

Authors: Clifton Bemrich

1st Edition

979-8388676955

More Books

Students also viewed these Finance questions

Question

s. Discuss what is meant by high- and low-

Answered: 1 week ago