Calculate the amount of interest paid over life of mortgage

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Reference no: EM13809502

You plan to purchase a $175,000 house using a 15 year mortgage obtained from a local bank. The mortgage rate offered to you is 7.75%. You will make a down payment of 20% of the purchase price. If the monthly payments of the mortgage are $1,317.79:

A) Calculate the amount of interest and, separately, principal paid in the 60^th payment.

B) Calculate the amount of interest and, separately, principal paid in the 180^th payment.

C) Calculate the amount of interest paid over the life of the mortgage.

Reference no: EM13809502

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