A fully amortizing mortgage loan is made for $120,000 at 6 percent interest for 30 years. 

Required: 

a. How much total interest would be paid over the entire 30-year life of the mortgage, if interest is paid: 1. Monthly. 2. Quarterly 3. Annually 4. Weekly (For all requirements, round your intermediate calculations and final answers to 2 decimal places.) 

b. Which payment pattern would have the greatest total amount of interest over the 30-year term of the loan?

Answer rating: 100% (QA)

To calculate the total interest paid over the entire 30year life of the mortgage well need to use the amortization formula The formula is Interest Payment Loan Balance Interest Rate Principal Payment ... View the full answer