Consider a home mortgage of $225,000 at a fixed APR of 4.5% for 25 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

Question

20-06-2024
Mathematics

Answered

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Consider a home mortgage of $225,000 at a fixed APR of 4.5% for 25 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

Sagot :

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Consider a home mortgage of ​$225,000 at a fixed APR of 4.5​% for 25 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

Sagot :

Other Questions

Consider a home mortgage of $225,000 at a fixed APR of 4.5% for 25 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