You purchase a house and obtain a $25-$year loan of $$190,000$ at an annual interest rate of $8\mathrm{.}35\%.($Round your answers to the nearest cent.$)$

$($a$)$ What is the mortgage payment?

$

$($b$)$ What is the total of the payments over the life of the loan?

$

$($c$)$ Find the amount of interest paid on the mortgage loan over the $25$ years.

$

Answer rating: 100% (QA)

The mortgage payment is determined using the formula for monthly paymentPMT on an amortizing loan wh... View the full answer