You borrow $300,000 (as a mortgage loan) toward the purchase of a home at
6% interest. Your mortgage is for 30 years. What will be the total interest and
the principal you pay during the last 10 years of the loan payments?
Mortgage loan = $300,000
Time period = 30 years
Total repayment in 30 years=$647,514.57
Total interest charged in 30 years=$347,514.57
Total interest charged in last 10 years=$347,514.57/30 * 10
Total principal amount paid in last 10 years=$300,000/30 *10
Total interest and principal amount paid in last 10 years=$115,838.19 + $100,000
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