View the Amortization Table and use it to answer each question.
MonthMonthly payment Balance Principal paid Cumulative interest Max tax savings
15611 \$135.786 5214 5397 50
21611 \$135.571 \$215 5793 50
35611 \$135.356 1215 \$1.188 \$0
45611 \$135.140 5216 \$1.583 10
55611 \$134.924 \$217 \$1.977 50
65611 \$134.706 \$217 \$2.371 50
3565961 \$4.713 1924 \$105.009 50
3565961 83.783 5930 \$195.040 80
3571961 \$2.846 5936 \$195.066 50
3581961 \$1.904 5943 \$195.085 10
3595961 5955 5949 \$195.097 \$0
3605961 50 5955 \$195.154 8671
According to the chart, Demarco and Tanya will pay a total of [blank] in interest over the life of their loan. This means their total cost, including the purchase price, is approximately [blank]. This amount is [blank] than what they would pay in total using the fixed-rate mortgage.
Month | Monthly payment | Balance | Principal paid | Cumulative interest | Max tax savings |
1 | 5611 | \$135.786 | 5214 | 5397 | 50 |
2 | 1611 | \$135.571 | \$215 | 5793 | 50 |
3 | 5611 | \$135.356 | 1215 | \$1.188 | \$0 |
4 | 5611 | \$135.140 | 5216 | \$1.583 | 10 |
5 | 5611 | \$134.924 | \$217 | \$1.977 | 50 |
6 | 5611 | \$134.706 | \$217 | \$2.371 | 50 |
356 | 5961 | \$4.713 | 1924 | \$105.009 | 50 |
356 | 5961 | 83.783 | 5930 | \$195.040 | 80 |
357 | 1961 | \$2.846 | 5936 | \$195.066 | 50 |
358 | 1961 | \$1.904 | 5943 | \$195.085 | 10 |
359 | 5961 | 5955 | 5949 | \$195.097 | \$0 |
360 | 5961 | 50 | 5955 | \$195.154 | 8671 |