Consider a $230,000 home mortgage in which the payment per month is $945.38 for a thirty-year period. 1. Find the total amount paid over the life of the loan. 2. Of the total paid, what % is paid towards the principal. 3. Of the total paid, what % is paid towards interest.
Consider a $230,000 home mortgage in which the payment per month is $945.38 for a thirty-year period. 1. Find the total amount paid over the life of the loan. 2. Of the total paid, what % is paid towards the principal. 3. Of the total paid, what % is paid towards interest.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Consider a $230,000 home mortgage in which the payment per month is $945.38 for a thirty-year period.
1. Find the total amount paid over the life of the loan.
2. Of the total paid, what % is paid towards the principal.
3. Of the total paid, what % is paid towards interest.
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