Janelle and Jacob are considering a $130,000 mortgage for 30 years at 4.8%. With this information, their monthly payment would be $682.06. If they make only the minimum payment each month, what is the

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Arthu Santiago asked Oct 7, 2023

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Janelle and Jacob are considering a $130,000 mortgage for 30 years at 4.8%. With this information, their monthly payment

would be $682.06.
If they make only the minimum payment each month, what is the total payback of this loan?
How much of this total payback is interest?

Mathematics
college

Arthu Santiago asked Oct 7, 2023

by Arthu Santiago

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30 years = 360 monthly payments
Total payback = 360 x $682.06 = $245,541.60
Interest = 245,541.60 - 130,000 = $115,541.60

Dertoni answered Oct 12, 2023

by Dertoni

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