Suppose you bought a new home for $240,000 using a 30-year mortgage with monthly payments of...

Suppose you bought a new home for $240,000 using a 30-year mortgage with monthly payments of $1,548.667. The annual interest rate of the mortgage is 6.7%. After the first 3 years (36 monthly payments), approximately how much money have you paid in interest and how much in principal?

Group of answer choices

Interest: $55,752.02; Principal: $8,294.67

Interest: $47,457.35; Principal: $8,294.67

Interest: $1,548.67; Principal: $231,705.33

Interest: $47,457.35; Principal $1,548.67

Solutions

Expert Solution

Hence ,the ans is Interest: $47,457.35; Principal: $8,294.67

Calculations-

Note-

I have solved amortization table upto 36 months only as the requirement in the question is for 36 months.

Please upvote if the ans is helpful.In case of doubt,do comment.Thanks.

jeff jeffy answered 1 year ago

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