Mathematics, 28.09.2021 15:50 jasramos004

Keith takes out an $80 000 mortgage at 6% per year, amortized over 20 years. The amortization rate is $7.12 per $1000 borrowed A) Calculate his monthly mortgage payment.
B) Calculate the interest paid in the first month.
C) Calculate the total amount of interest paid over the life of the mortgage.

Answers: 3

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Keith takes out an $80 000 mortgage at 6% per year, amortized over 20 years. The amortization rate is $7.12 per $1000 borrowed A) Calculate his monthly mortgage payment. B) Calculate the interest paid in the first month. C) Calculate the total amount of interest paid over the life of the mortgage.

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Keith takes out an $80 000 mortgage at 6% per year, amortized over 20 years. The amortization rate is $7.12 per $1000 borrowed A) Calculate his monthly mortgage payment.
B) Calculate the interest paid in the first month.
C) Calculate the total amount of interest paid over the life of the mortgage.