You are borrowing $725,000 to purchase a home. The mortgage will have an 8.6 % interest...

Transcribed Image Text:

You are borrowing $725,000 to purchase a home. The mortgage will have an 8.6 % interest rate and will last for 30 years with monthly payments. How much principal and interest will you pay in the first 20 years? (7.5 points each) How much interest will you pay over the next 4 and a half years? (7.5 points) If you pay the loan off 6 and a half years early, how much will you have to pay? (7.5 points) + You are borrowing $725,000 to purchase a home. The mortgage will have an 8.6 % interest rate and will last for 30 years with monthly payments. How much principal and interest will you pay in the first 20 years? (7.5 points each) How much interest will you pay over the next 4 and a half years? (7.5 points) If you pay the loan off 6 and a half years early, how much will you have to pay? (7.5 points) +

Answer rating: 100% (QA)

To calculate the principal and interest paid in the first 20 years of the mortgage we need to use th... View the full answer