You purchase a house and obtain a 30-year loan of $198,000 at an annual interest rate of 8.30%. (Round your answers to the nearest cent.) (a) What is the mortgage payment? $ (b) What is the total of the payments over the life of the loan? $ (c) Find the amount of interest paid on the mortgage loan over the 30 years.
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You purchase a house and obtain a 30-year loan of $198,000 at an annual interest rate of 8.30%. (Round your answers to the nearest cent.)
$
(b) What is the total of the payments over the life of the loan?
$
(c) Find the amount of interest paid on the mortgage loan over the 30 years.
$
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- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.You purchase a home and have a $200,000 mortgage for 20 years at 5%. Utilize an amortization schedule. What are the periodic annual payment required for the mortgage? What are the interest payment for the first year? What is the first year principal repayment What is the balance owed at the end of the first year? What are the interest paid on the principal repayment for the second year ? What is the balance owed at the end of the second year ? Why did the interest paid on the principal repayment change in the second year?You plan to purchase a $310,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.10 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. (1) Construct the amortization schedule for the mortgage. b. (2) How much total interest is paid on this mortgage?
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