Question

Using the Mortgage Payment Formula, calculate a monthly mortgage payment for a home with the price of $405,000 using pencil and paper. Your down payment is 10% of your own money apart from the loan. Calculate the total paid for your home after paying the monthly payment for 30 years factoring in the rate of 2.990%. You can use arithmetic. How much money will you pay in interest over 30 years? All Calculations must be shown.

Answer #1

Based on the information total loan amount would be = 4,05,000 -
(4,05,000 * 10%) = **3,64,500** payable over 30 years
monthly compounding.

Rate of interest is 2.99% per annum which would be 2.99/12 = .249$ monthly

Period would be 30*12 = 360 months

Formula to compute is on the right side of the table.

**Total amount paid in 30 years is 5,52,521**

**Interest amount is 1,88,021**

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