Consider a home mortgage of ​$225 comma 000225,000at a fixed APR of 33​% for 1515years. a. Calculate the monthly payment.b. Determine the total amount paid over the term of the loan.c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest.

Question
Asked Feb 22, 2019
26 views
Consider a home mortgage of
$225 comma 000225,000
at a fixed APR of
33%
for
1515
years.
 
a. Calculate the monthly payment.
b. Determine the total amount paid over the term of the loan.
c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
check_circle

Expert Answer

Step 1

We are given:

Principal Amount P = 225,000, APR = 3% or 0.03, Years = 15, Number of months in a year n = 12

a. Calculate the monthly payment.

Answer: The formulla for the monthly payment is:

 

fullscreen
Step 2

b. Determine the total amount paid over the term of the loan.

Answer: The total amount paid over the term of the loan is:

 

fullscreen
Step 3

c. Of the total amount​ paid, what percentage is paid toward the principal and what percentage is paid for interest.

Answer:&nb...

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Math

Statistics

Other

Related Statistics Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Jobs and productivity! How do retail stores rate? One way to answer this question is to examine annu...

A: Note:Hi! Thank you for posting the question. Since your question has more than 3 parts, we have solv...

question_answer

Q: Which statement is false? The average score on an exam is an example of a descriptive statistic It ...

A: Statement 1:Descriptive statistic is used to summarize the given data set in a meaningful manner. Th...

question_answer

Q: What happens to the variance when outliers are eliminated replaced by values closer to the mean

A: Introduction:Mean:Mean is an important measure of center when the data is quantitative. Mean of a da...

question_answer

Q: The claim is that the IQ scores of statistics professors are normally​ distributed, with a mean less...

A: In this question, A researcher claims that IQ scores of Statistics professors is less than 126, for ...

question_answer

Q: In a population of ages where the mean age is 45 and the standard deviation is 5.25, what are the ag...

A: Given mean age = 45Standard deviation = 5.25The Z score with 0.0505 to its left is -1.64 and the Z s...

question_answer

Q: 1). How would you measure both “general knowledge” and “judgment” (what are your operational definit...

A: 1)The “general knowledge” and “judgement” of the participants can be measured by a series of tests g...

question_answer

Q: After you determine the mean annual return, how do you find the standard deviation?

A: Click to see the answer

question_answer

Q: It is thought that prehistoric Indians did not take their best tools, pottery, and household items w...

A: Given data obtained for a collection of archeological sites in New Mexico as shown below. The least ...

question_answer

Q: To open a combination lock, you turn the dial to the right and stop at a number; then you turn it to...

A: Combination Rule:A combination is a selection of all or part of a set of objects, without regard to ...