$350,000 is borrowed to purchase a house and land package, to be repaid with equal monthly repayments at 6% interest over 25 years. (a)  How much are the monthly repayments? (b)  How much interest is paid over the life of the loan? (c)  How much is still owed after fifteen years?

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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$350,000 is borrowed to purchase a house and land package, to be repaid with equal monthly repayments at 6% interest over 25 years.

(a)  How much are the monthly repayments?

(b)  How much interest is paid over the life of the loan?

(c)  How much is still owed after fifteen years?

 

 

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