Question

# 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 4.25 percent. You will make a down payment of 10 percent of the purchase price.
 a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
 Monthly payment \$
 b. Calculate the amount of interest and, separately, principal paid in the 90th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
 Amount of interest \$ Amount of principal \$
 c. Calculate the amount of interest and, separately, principal paid in the 110th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
 Amount of interest \$ Amount of principal \$
 d. Calculate the amount of interest paid over the life of this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
 Amount of interest paid \$

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