For a $160,000 loan at 7% annual interest, monthly payments, for 30 years, how much total interest will be paid over the life of the loan?

b. For a $250,000 loan at 6% annual interest, with monthly payments for 15 years, if you pay an additional $100 in principle per month, how much total interest will you pay over the life of the loan?

c.If you pay an additional $75 per month up front, how much LESS interest will you pay over the life of the following loan: Loan Amount: $180,000; 30 years (monthly payment); 7% annual interest rate?

Answer rating: 100% (QA)

Solution a For a 160000 loan at 7 annual interest with monthly payments for 30 years the total interest paid over the life of the loan can be calculated using the following formula Total Interest Mont... View the full answer