Question 9 1 pts 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)
Question 9 1 pts 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)
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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Transcribed Image Text:Question 9
1 pts
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)
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