If they could get a mortgage at 60 percent for 25 years, Financial Management

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If they could get a mortgage at 60 percent for 25 years

James and Regina Jameson want to buy their first home. They have found a home costing $170,000 and could put 10 percent down. Answer the following questions (worth 1 point each) and show your calculation steps.

a. If they could get a mortgage at 6.0 percent for 25 years, calculate their monthly payment (principal plus interest)?

b. How much total interest would they pay over the 25 years?

c. How much of the very first payment would go to interest?

d. How much of the very first payment would go on the principal?

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Financial Management: If they could get a mortgage at 60 percent for 25 years

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