Mortgage payments Principal: $120,000.00 Interest Monthly Rate Payment 3% 4% 5% A. $120,000 C. $182,160 $506 $573 $644 How much money will be spent in interest alone over the course of the 3% 30-year mortgage described in the table? B. $62,160 D. $3,600
Mortgage payments Principal: $120,000.00 Interest Monthly Rate Payment 3% 4% 5% A. $120,000 C. $182,160 $506 $573 $644 How much money will be spent in interest alone over the course of the 3% 30-year mortgage described in the table? B. $62,160 D. $3,600
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Payment and Total Interest
Mortgage payments
Principal: $120,000.00
Interest Monthly
Rate Payment
3%
4%
5%
A. $120,000
C. $182,160
$506
$573
$644
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How much money will
be spent in interest
alone over the course of
the 3% 30-year
mortgage described in
the table?
O
B. $62,160
D. $3,600
Expert Solution
Step 1
STEP 1
Principal, interest, taxes, and insurance are the usual four components of a mortgage payment. The amount that is deducted from your outstanding loan balance is known as the principal component. The expense of borrowing money is interest.
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