Determine the total amount the bells will pay for house

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The Bells obtain a? 25-year, $110,000 conventional mortgage at a? 10.5% rate on a house selling for? $160,000. Their monthly mortgage? payment, including principal and? interest, is? $1038.60. They also pay 2 points at closing.

?a. Determine the total amount the Bells will pay for their house.

The total amount the Bells will pay is: ?$363,780

?b. How much of the cost will be interest? (including the 2? points)?

$313,780 of the cost will be interest.

?c. How much of the first payment on the mortgage is applied to the? principal?

?$___ of the first payment is applied to the interest.

?$___ of the first payment is applied to the principal.

Reference no: EM132622792

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