Ingrid obtains a 15-year, $63,750 conventional mortgage at a 6.5% rate on a house selling for $75,000.

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Ingrid obtains a 15-year, $63,750 conventional mortgage at a 6.5% rate on a house selling for $75,000. Her monthly payment, including principal and interest, is $555.33. She pays 0 points.

a) Determine the total amount Ingrid will pay for her house.

b) How much of the cost will be interest?

c) How much of the first payment on the mortgage is applied to the principal?

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A Survey Of Mathematics With Applications

ISBN: 9780135740460

11th Edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

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