Someone please help me solve this
2 answers:
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<u>ANSWER: </u>
th proportion of the total loan payments Maria makes goes to interest
<u>SOLUTION: </u>
Given, Maria takes out a $135,000 mortgage at 4.9%
And plans to pay it back in 15 years.
Her monthly payment is $1,061.
We need to find what proportion of the total loan payments Maria makes goes to interest?
Now, let us find the total payment made by her.
Total payment = monthly payment 12 months
15 years
= 1061 x 12 x 15 = 190980
Now,
Interest amount for 15 years = total payment – mortgage amount taken by her.
= 190980 – 135000 = 55980
Now, proportion of interest =
Hence th proportion of the total loan payments Maria makes goes to interest