22 Jul WHAT IS THE TOTAL AMOUNT OF INTEREST PAID?
A house is purchased for $350450. A down payment of 15% is made and the remainder is financed with Show more A house is purchased for $350450. A down payment of 15% is made and the remainder is financed with a 30-year fixed loan with a nominal interest rate of 8% to be paid off in monthly installments at the end of each month. a.) At what time does the balance reach 50% of the amount originally financed? b.) At what time does the percentage of each payment to principal first exceed 50% c.) What is the total amount of interest paid? d.) What is the loan balance just after payment number 145? Answers are as follows. Please show work. a.) 268.85. Rounded up to 269 where it will fall below 50% b.) 256.6817385. Rounded up to 257 the first payment where the principal reduction exceeds the interest payments c.) $488989.74 d.) $249291.0386 Show less
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