Question
You plan to purchase a $275,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 3.5 percent.
You plan to purchase a $275,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 3.5 percent. You will make a down payment of 25 percent of the purchase price, you will also finance closing costs equal to 3% of the mortgage amount. Calculate the amount of interest and, separately, principal paid in the 60th payment. A. $451.0525 in interest and $1067.6261 in principal B. $1067.6261in in interest and $451.0525 in principal C. $1036.7626 in interest and $437.915 in principal D. $437.915 in interest and $1036.7626 in principal
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