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The Bells obtain a 30-year, $130,000 conventional mortgage at a 9.5% rate on a house selling for $150,000 Their monthly mortgage payment, including principal
The Bells obtain a 30-year, $130,000 conventional mortgage at a 9.5% rate on a house selling for $150,000 Their monthly mortgage payment, including principal and interest, is $1093.30. They also pay 2 points at closing. a) Determine the total amount the Bells will pay for their house. b) How much of the cost will be interest (including the 2 points)? c) How much of the first payment on the mortgage is applied to the principal? a) The total amount that the Bells will pay for their house is $ (Round to the nearest dollar as needed.)
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