Nigel finds the vacation house of his dreams and takes out a mortgage loan, borrowing $210,000 at 3.5% payable monthly for 20 years. He has made 4 payments of $1,217.29 in this calendar year, and the interest portion of each payment can be deducted on his income tax forms. How much interest did he pay total in the first four payments on this loan? (round to pennies)
Nigel finds the vacation house of his dreams and takes out a mortgage loan, borrowing $210,000 at 3.5% payable monthly for 20 years. He has made 4 payments of $1,217.29 in this calendar year, and the interest portion of each payment can be deducted on his income tax forms. How much interest did he pay total in the first four payments on this loan? (round to pennies)
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 15E
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