Assume your family borrowed $300,000 for a mortgage on a vacation home, and will repay the loan over 25 years at a 4.25% interest rate, payable monthly.The loan officer tells your parents that the monthly payments will be $1,625.21.What would be thetotalamount of money your family will have repaid to the bank over the 25 year mortgage (that is, the total repaid after the300^thpayment has been made)?How much interest is paid to the bank (in dollars) over the life of the loan.

Total Repaid to the Bank ($) =

Total Interest Paid to the Bank ($) =

Answer rating: 100% (QA)

To find the total amount repaid to the bank over the 25year mortgage well multiply the ... View the full answer