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Pay off half of the original principal

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Use the data provided here to answer questions 15-19.

You want to buy a house for $425,000. You plan to make a down payment of $75,000. If you take out a 30-year mortgage at a 4.8% APR, what will your monthly payments be?

1. How much principal will be outstanding after 100 payments have been made?

2. How much principal will have been paid off after 100 payments have been made?

3. How much in interest will have been paid in the first 100 payments?

4. How long will it take to pay off half of the original principal? Round your answer to the nearest month.

Reference no: EM132233535

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