Laura and martin obtain a 25 year 160,000 conventional mortgage at 10.5% on a house selling for 190,000. Their monthly payment, including principal and interest, is $1510.40

Complete question :

Laura and Martin obtain a 30-year, $180,000 conventional mortgage at 10.0% on a house selling for $210,000. Their monthly mortgage payment, including principal and interest, is $1566.00. Determine the total amount they will pay for their house. How much of the cost will be interest? How much of the first payment on the mortgage is applied to the principal?

$563760 ; $383760 ; $66

Step-by-step explanation:

Given that:

Monthly mortgage payment = $1566

Period = 30 years

Number of months in period = (30 * 12) = 360

Principal = $180,000

1.)

Total amount paid :

Monthly payment * period

$1566 * 360 = $563760

2.)

Total amount paid = Principal + Interest

Interest = Total amount paid - principal

Interest = $563760 - $180000

Interest = $383760

3)

First payment = 1566

Interest rate = 10% per annum = 0.1 / 12 = 0.0083333

monthly interest: 180,000 * 0.0083333 = 1500

Principal = 1566 - 1500 = $66

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step-by-step explanation: