Mortgage Question-if you can

timer Asked: Sep 13th, 2015

Question description

  1. This year, you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $88,536 left to pay on your loan. Your house is now valued at $150,000.

    1. How much of the loan have you paid off? (i.e., how much have you reduced the loan balance by? Keep in mind that interest is charged each month - it's not part of the loan balance.)

    2. How much money have you paid to the loan company so far?

    3. How much interest have you paid so far?

    4. How much equity do you have in your home (equity is value minus remaining debt)

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