Question

Asked Jan 30, 2020

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Suppose that the total interest that will be paid on a 25-year mortgage from a home loan of $130,000 is going to be $380,000. What will be the payments each month if the payments are to pay off both the loan and the interest (rounded to the nearest hundredth)?

Step 1

The loan = $ 130,000

Interest is = $ 380,000

Total loan and the interest= ( 130,000 + 380,000)= $ 510000

Step 2

In 1 year there are 12 months.

In 25 ye...

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