Sally bought her first house. The price was $200,000. She paid a down payment of 10% - $20,000.

The remainder of the purchase price was paid with a bank loan of $180,000. The terms of the loan were 5% annual interest, fixed for 30 years. The monthly principal and interest payment on this loan is $966.66. (Monthly insurance and tax payments are not included in this payment).

Answer the questions:

1)How much of her first payment goes to pay down the debt?

2)How much will she pay for the home in total?

3)How much interest will she pay over the loan?

Answer rating: 100% (QA)

How much of her first payment goes to pay down the debt The first payment of 96666 consists of both ... View the full answer