Question

Lauren and mark obtained a 20 year 120,000 conventional mortgage at 10.5% on a house selling 150,000. their monthly mortgage payment including principal and interest is 1197.60. determine the total amount they will pay for their house. how much of the cost will be interest. how much of the first payment on the mortgage is applied to the principal.

what is the total amount Lauren and Mark will pay for their house?
total amount for home= $287,533.41
total interest= $167,533.41
amount of first payment applied to princible is= $148.06

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