Calculate amount of interest and separately- principal paid

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Reference no: EM13809658

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: Show your work for each calculation.

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

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

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

Reference no: EM13809658

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