Laura and martin obtain a 25 year 120,000 conventional mortgage at 8.5% on a house selling for 140,000 their monthly mortgage payment including principal and interest is 966 dollars

Complete Question

Laura and martin obtain a 25 year 120,000 conventional mortgage at 8.5% on a house selling for 140,000 their monthly mortgage payment including principal and interest is 966 dollars

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?

a)  

b)  

c)  

Step-by-step explanation:

From the question we are told that:

Time

Initial Mortgage

Mortgage  

Rate

Monthly Mortgage payment P=\%966

a)

The total amount Payable X is mathematically given as

b)

Generally the equation for Interest I is mathematically given by

c)

Generally the equation for Interest I is mathematically given by

Where

Therefore

Therefore the first payment on the mortgage is applied to the principal is

answer: cos [   arcsin (3/5) - arccos (1/2) ] =

step-by-step explanation: × = 3/5 = 0.6--> x = 36.87 and x = 180 - 36.87 = 143.13 deg

cos y = 1/2 --> y = +- 60 deg a. cos (x - y) = cos (143.13 - 60) = cos 83,13  

=

0.12

b. cos (36.87 - 60) = cos (-23.23) = 0.92

i'm not really sure how to answer that

step-by-step explanation: