Question
The Bells obtain a 20-year, $100,000 conventional mortgage at a 10.0% rate on a house selling for $130,000. Their monthly mortgage payment, including principal
The Bells obtain a 20-year, $100,000 conventional mortgage at a 10.0% rate on a house selling for $130,000. Their monthly mortgage payment, including principal and interest, is $966.00. They also pay 3 points at closin a) Determine the total amount the Bells will pay for their house. b) How much of the cost will be interest (including the 3 points)? c) How much of the first payment on the mortgage is applied to the principal? www a) The total amount that the Bells will pay for their house is $ (Round to the nearest dollar as needed.)
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