Robert has a mortgage of $326,000 through his bank for property purchased. The loan is repaid by end of month payments of $2,099.57 with an interest rate of 4.71% compounded monthly over 20 years. What is the interest paid in the 11th year of the mortgage? Interest paid in 11th year
Robert has a mortgage of $326,000 through his bank for property purchased. The loan is repaid by end of month payments of $2,099.57 with an interest rate of 4.71% compounded monthly over 20 years. What is the interest paid in the 11th year of the mortgage?
Interest paid in 11th year
A mortgage is a type of loan provided by a financial institution or lender to individuals or businesses to finance the purchase of real estate, such as a home or commercial property. The borrower (mortgagor) pledges the property as collateral for the loan, and the lender (mortgagee) provides funds for the purchase. The borrower then repays the loan, along with interest, in regular installments over a predetermined period, typically spanning several years. If the borrower fails to make payments, the lender may have the right to foreclose and sell the property to recover the outstanding debt.
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