You borrow $210,000 to purchase a home. The terms of the loan call for monthly payments...

You borrow $210,000 to purchase a home. The terms of the loan call for monthly payments over 30 years at a mortgage rate of 4.50 percent. What percentage of your first 60 months' total payments go toward interest?

	A.	82 percent
	B.	66 percent
	C.	71 percent
	D.	59 percent

Solutions

Expert Solution

Calculate the total payment go toward interest as follows:

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Formulas:

jeff jeffy answered 1 year ago

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