Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. consider a home mortgage of 225000 at a fixed apr

consider a home mortgage of 225000 at a fixed apr 4.5% for 25 years... I...

50.1K

Verified Solution

Question

Finance

consider a home mortgage of 225000 at a fixed apr 4.5% for 25 years... I need all
image
ai2 Me4.D-S Calculate loan payments, tota This Question: 1 pt 1 of Consider a home mortgage of $225,000 at a fixed APR of 4 5% for 25 years. a. Calculate the monthly payment b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest a. The monthly payment is $ 1,218.91 (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total amount paid over the term of the loan is $ 365,673 22 (Round to the nearest cent as needed.) c of the total amount paid 96 paid toward the principal, and % is paid for interest (Round to one decimal place as needed.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students