A fully amortizing mortgage loan is made for $110,000 at 6 percent interest for 30 years. Required: a. How much total in

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

A fully amortizing mortgage loan is made for $110,000 at 6 percent interest for 30 years. Required: a. How much total in

Post by answerhappygod »

A fully amortizing mortgage loan is made for $110,000 at 6percent interest for 30 years.
Required:
a. How much total interest would be paidover the entire 30-year life of the mortgage, if interest ispaid:
1. Monthly.
2. Quarterly
3. Annually
4. Weekly
(For all requirements, round your intermediate calculationsand final answers to 2 decimal places.)
b. Which payment pattern would have thegreatest total amount of interest over the 30-year term of theloan?
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”