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On Dec 31, 2006 you bought your first house for a listed price of $220,000. You...

On Dec 31, 2006 you bought your first house for a listed price of $220,000. You paid $30,000 cash out of pocket as a down payment and for the remaining balance you arranged a 30-year mortgage loan with a 6% nominal interest rate with the first payment to be paid on Jan 31, 2007. How much interest will you have to pay for year 2010?

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Answer #1
Loan amount 190000
Term of loan 360
Rate of interest 6% pa
Payments already made 3*12=36
Payments in 2010 payment no 37 to 48
Interest paid in 2010 -10877.63034

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