Home mortgage of $150,000 at a fixed APR of 12% for 20 years

timer Asked: Jun 3rd, 2013

Question description

Consider a home mortgage of $150,000 at  a fixed APR of 12% for 20 years.

1-Calulate the monthly payment

2-Determine the total amount paid over the term of the loan

3-Of the total amount paid, what % is paid towards the principal and what % is paid for interest.

a) What will the monthly payment be?

(Do not round until the final answer. then round to the nearest cent as needed)

b) What will be the total payment over the term of  the loan?

(round to nearest cent as needed)

c)  What will be the total payment over the term of the loan?

(round to the nearest tenth as needed)

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