Mg05212004
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You take out a home loan for $205,000. The interest on this loan is fixed at 6.5% compounded monthly for 30 years.
How much is your required monthly mortgage payment?
Round to the nearest dollar
USING THE WHOLE DOLLAR AMOUNT CALCULATED AS THE MONTHLY MORTGAGE PAYMENT, Over the entire period of the loan, what is the total amount of
your payments? $
Round to the nearest dollar
What is total amount of interest you pay over the lifetime of the loan (i.e. how much more are you paying above the amount you borrowed)? $
Round to the nearest dollar

Respuesta :

hehehellnaw
The required monthly mortgage payment is $1,114.

The total amount of payments over the entire period of the loan is $400,440.

The total amount of interest paid over the lifetime of the loan is $195,440.

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