Laura and Martin obtain a 20-year, $170,000 conventional mortgage at 8.5% on a house selling for $190,000. Their monthly mortgage payment, including principal and interest, is $1475.60. a) Determine the

Laura and Martin obtain a 20-year, $170,000 conventional mortgage at 8.5% on a house selling for $190,000. Their monthly mortgage payment, including principal and

interest, is $1475.60.
a) Determine the total amount they will pay for their house.
b) How much of the cost will be interest?
c) How much of the first payment on the mortgage is applied to the principal?

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Laura and Martin obtain a 20-year, $170,000 conventional mortgage at 8.5% on a house selling for $190,000. Their monthly mortgage payment, including principal and interest, is $…

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