Question

Assume you are looking to buy a house $200,000 with a 20 year mortgage at 12%, estimate the monthly mortgage payment, first months interest, total amount to be repaid and the total interest.

PLEASE SHOW HOW YOU GOT EACH ANSWER:)

Answer #1

Answer a.

Cost of house = $200,000

Period = 20 years or 240 months

Annual interest rate = 12%

Monthly interest rate = 1%

Let monthly payment be $x

$200,000 = $x/1.01 + $x/1.01^2 + .... + $x/1.01^239 +
$x/1.01^240

$200,000 = $x * (1 - (1/1.01)^240) / 0.01

$200,000 = $x * 90.81942

$x = $2,202.17

Monthly payment = $2,202.17

Answer b.

First Month:

Interest paid = 1% * Amount borrowed

Interest paid = 1% * $200,000

Interest paid = $2,000

Answer c.

Total Amount repaid = 240 * Monthly payment

Total Amount repaid = 240 * $2,202.17

Total Amount repaid = $528,520.80

Answer d.

Total interest paid = Total Amount repaid - Amount
borrowed

Total interest paid = $528,520.80 - $200,000.00

Total interest paid = $328,520.80

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