What is the total amount of interest paid

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Reference no: EM13267953

A house is purchased for $350,450. A down payment of 15% is made and the remainder is financed with a 30-year fixed loan with a nominal interest rate of 8% to be paid off in monthly installments at the end of each month.

a.) At what time does the balance reach 50% of the amount originally financed?

b.) At what time does the percentage of each payment to principal first exceed 50%

c.) What is the total amount of interest paid?

d.) What is the loan balance just after payment number 145?

Reference no: EM13267953

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