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Suppose you bought a new home for $240,000 using a 30-year mortgage with monthly payments of $1,548.667. The annual interest rate of the mortgage is
Suppose you bought a new home for $240,000 using a 30-year mortgage with monthly payments of $1,548.667. The annual interest rate of the mortgage is 6.7%. After the first 3 years (36 monthly payments), approximately how much money have you paid in interest and how much in principal?
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Interest: $55,752.02; Principal: $8,294.67
Interest: $47,457.35; Principal: $8,294.67
Interest: $1,548.67; Principal: $231,705.33
Interest: $47,457.35; Principal $1,548.67
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