Question
Suppose you bought a new home for $210,000 using a 30-year mortgage with monthly payments of $1,218.841. The annual interest rate of the mortgage is
Suppose you bought a new home for $210,000 using a 30-year mortgage with monthly payments of $1,218.841. The annual interest rate of the mortgage is 5.7%. After the first 3 years (36 monthly payments), approximately how much money have you paid in interest and how much in principal?
Step by Step Solution
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Step: 1
To calculate how much youve paid in interest and principal after the first 3 years of payment...
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Step: 2
Step: 3
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Corporate Finance A Focused Approach
Authors: Michael C. Ehrhardt, Eugene F. Brigham
6th edition
1305637100, 978-1305637108
