You borrow $165,000 to buy a house. the mortgage rate is 7.5 percent compounded monthly and the loan period is 20 years. Payments are made monthly. If you pay the mortgage accounting to the loan agreement, how much total interest will you pay over the life of the loan?

Answer rating: 100% (QA)

To calculate the total interest paid over the life of the loan we can use the formula for the total ... View the full answer