Determine the amount of interest

Reference no: EM1347784

You plan to purchase a $ 175,000 house using a 15- year mortgage obtained from your local bank. The mortgage rate offered to you is 7.75 percent. You will make a down pay-ment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, princi-pal paid in the 60th payment.

Reference no: EM1347784

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