What is the total interest paid on a given year mortgage

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Reference no: EM132081141

Question: 1. a) What is the total interest paid on a 15 year $250,000 mortgage at 7% annual interest rate. Assume that the mortgage is kept for the full 15 years.

b) What are the key advantages of investing in a 401(k)?

2. a) Use the Rule of 72 to determine how long it will take an investment that has a return of 6% annually to quadruple in value.

b) As 2a, but solve exactly (Don't use Rule of 72)

Reference no: EM132081141

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