Question

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

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.

Homework Answers

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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