Problem 20-10 Consider a 30-year, $140,000 mortgage with a 6.70 percent interest

Question

Problem 20-10

Consider a 30-year, $140,000 mortgage with a 6.70 percent interest rate. After thirteen years, the borrower (the mortgage issuer) pays it off. How much will the lender receive? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Consider a 30-year, $140,000 mortgage with a 6.70 percent interest rate. After thirteen years, the borrower (the mortgage issuer) pays it off. How much will the lender receive? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Explanation / Answer

Calculate the how much amount lender receives:

Using financial calculator the total amount (principal and interest) = $325,286

Therefore, total amount include interest and principal amount would be $325,286.

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