Harvey has a fixed rate mortgage of $621,000 at 6.8% for 25 years. The monthly payments are $4,310.19. How much will Harvey pay in interest after 25 years?
please help!
Interest Rate And Fixed Rate Mortgages Help!!?
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Your teacher is trying to teach you that interest can double the price of a home.
If you want to double check this answer google:
Bankrate.com mortgage loan amortization calculatorhttp://www.bankrate.com/calculators/mort…
^ you can trust this link. Bankrate has been around for at least a decade.
Input your information.
Then at the bottom click on show amortization table.
The fixed monthly payment for a fixed-rate mortgage is the amount paid by the borrower every month that ensures that the loan is paid off in full with interest at the end of its term.