How much of the cost will be interest

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Reference no: EM131935967

Laura and Martin obtain a 20-year, $160,000 conventional mortgage at 10.5% on a house selling for $200,000. Their monthly mortgage payment, including principal and interest is $1596.80 ?

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

b) How much of the cost will be interest ?

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

Reference no: EM131935967

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