Asked by me
Consider a home mortgage of $200,000 at a fixed APR of 4.5% for 30 years.
a. The monthly payment is $_____
b. The total amount paid over the term of the loan is $_____
c. Of the total amount paid, _____% is paid toward the principal, and _____% is paid for interest
a. The monthly payment is $_____
b. The total amount paid over the term of the loan is $_____
c. Of the total amount paid, _____% is paid toward the principal, and _____% is paid for interest
Answers
Answered by
Reiny
Take a look how I did a similar question for the first part of this post.
https://www.jiskha.com/questions/1792222/Suppose-you-take-out-a-45-year-100-000-mortgage-with-an-APR-of-6-You
make the necessary changes in the numbers.
Also read the concluding remarks about "total cost" of such a loan
https://www.jiskha.com/questions/1792222/Suppose-you-take-out-a-45-year-100-000-mortgage-with-an-APR-of-6-You
make the necessary changes in the numbers.
Also read the concluding remarks about "total cost" of such a loan
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