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You plan to purchase an $120,000 house using a 15-year mortgage obtained from your local bank....

You plan to purchase an $120,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 8.00 percent. You will make a down payment of 20 percent of the purchase price.

Calculate the amount of interest and, separately, principal paid in the 120th payment

305.72 and 611.71

3057.20 and 6117.10

318.46 and 637.20

7926.90 and 73.11

Solutions

Expert Solution

Ans is 305.72 and 611.71

Calculations-

As no method was mentioned I have solved the problem using excel function.

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

jeff jeffy answered 2 years ago
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