Laura and martin obtain a 20-year 160000 conventional, Ask an Expert

Finance

Laura and Martin obtain a 20-year, $160,000 conventional mortgage at 10.5% on a house selling for $200,000. Their monthly mortgage payment, including principal and interest is $1596.80 ?

a) Determine the total amount they will pay for their house. ?

b) How much of the cost will be interest ?

c) How much of the first payment on the mortgage is applied to the principal?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92774623

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