Answer to Question #100117 in Financial Math for Angela

Question

This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $88,536 left to pay on your loan. Your house is now valued at $140,000.

Answer 1

If you see that you still have $88,536 left to pay on your loan, and your house is now valued at $140,000, so you have paid less than the half of the loan.