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How much total interest will Fred pay

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Q1. Andrea has a 35-year home mortgage. She borrowed $500,000 at a rate of 3.70% (fixed). How much of her first monthly mortgage payment will go towards principal (as opposed to interest)?

Q2. Karie has a 27-year home mortgage. She borrowed $400,000 at a rate of 3.4% (fixed). How much of her first monthly mortgage payment will go towards principal (as opposed to interest)?

Q3. Fred borrows $140,000 for a home mortgage with monthly payments. The mortgage is for 20 years at 3.82% interest. How much total interest will Fred pay over the life of the loan?

Reference no: EM133126551

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