Question

Consider a home mortgage of $150,000 at a fixed APR of 6% for 30 years.

-. Calculate the monthly payment.

-. Determine the total amount paid over the term of the loan.

- Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.

*a. The monthly payment is what?*

(Do not round until the final answer. Then round to the nearest cent as needed.)

*b. The total amount paid over the term of the loan
is what?*

(Round to the nearest cent as needed.)

**c. Of the total amount paid, what % is paid toward
the principal, and what % is paid for interest.**

Answer #1

a. | ||||||

Monthly payment | =-pmt(rate,nper,pv,fv) | |||||

= $899.33 | ||||||

Where, | ||||||

rate | = | 6%/12 | = | 0.005 | ||

nper | = | 30*12 | = | 360 | ||

pv | = | 1,50,000 | ||||

fv | = | 0 | ||||

b. | ||||||

Total amount paid | = | Monthly Payment | * | Number of payment | ||

= | $ 899.33 | * | 360 | |||

= | $3,23,757.28 | |||||

c. | ||||||

Principal | 46.33% | |||||

Interest | 53.67% | |||||

Working: | ||||||

Principal | = | Principal | / | Total repayment | ||

= | 1,50,000.00 | / | 3,23,757.28 | |||

= | 46.33% | |||||

Interest | = | Total repayment | - | Principal | ||

= | 3,23,757.28 | - | 1,50,000.00 | |||

= | 1,73,757.28 | |||||

Interest | = | Interest | / | Total repayment | ||

= | 1,73,757.28 | / | 3,23,757.28 | |||

= | 53.67% | |||||

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