Ricardo obtains a 15-year, $114,250 mortgage at 4.0% on a

Last updated: 7/9/2022

Ricardo obtains a 15-year, $114,250 mortgage at 4.0% on a house selling for $129,000. His monthly payment, including principal and interest is $845.09. a) Determine the total amount that Ricardo will pay for His mortgage. (Round to the nearest dollar.) Total amount: $ b) How must of the total cost will be interest? Total interest: $ (Round to the nearest dollar.) c) How much of the first payment on the mortgage is applied to the principal? Amount applied to principal: $ (Round to the nearest cent.)