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Greatest total amount of interest

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A fully amortizing mortgage loan is made for $100,000 at 6 percent interest for 30 years.

Determine payments for each of the periods (a) to (d) below if the compounding period is:

(a) monthly

(b) quaterly

(c) annually

(d) weekly

How much total interest and principal would be paid over the entire 30-year life of the mortgage in each case?

Which payment pattern would have the greatest total amount of interest over the 30-year term of the loan? Why?

Reference no: EM132632491

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