Use an Amortization Table to Solve the Problem

question 56

Short Answer

Use an amortization table to solve the problem. Round to the nearest cent.
-You have purchased a new house and have a mortgage for $90,000 at 6% compounded monthly. The loan is
amortized over 20 years in equal monthly payments of $644.79. Find the total amount paid in interest when the
mortgage is paid off.

---

Definitions:

Directives

commands or instructions given with authority, often used in legal, professional, or organizational contexts.

Positive Feedback

A response or information that reinforces a behavior, encouraging its repetition or amplification.

Coping Ability

The capacity or skills individuals have to manage and endure stress and adversity in their lives.

Reciprocal Empathic Responding

The mutual exchange of understanding and sharing of feelings between individuals, often facilitating emotional support and connection.