Nigel finds the vacation house of his dreams and takes out a mortgage loan, borrowing $210,000 at 3.5% payable monthly for 20 years. He has made 4 payments of $1,217.29 in this calendar year, and the interest portion of each payment can be deducted on his income tax forms. How much interest did he pay total in the first four payments on this loan? (round to pennies)

Nigel finds the vacation house of his dreams and takes out a mortgage loan, borrowing $210,000 at 3.5% payable monthly for 20 years. He has made 4 payments of $1,217.29 in this calendar year, and the interest portion of each payment can be deducted on his income tax forms. How much interest did he pay total in the first four payments on this loan? (round to pennies)

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 15E

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