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Sue & Mike are in the process of buying a home. The house costs $300,000 they...

Sue & Mike are in the process of buying a home. The house costs $300,000 they have decided on a $200,000 mortgage loan for a 30 year period with a 3.75% rate and 4.917% APR. How much money are their monthly payments?
What is the total amount of the loan?
What is the total amount of interest?
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Answer #1
Principal A 200000
Installment B monthly
Rate of interest C 4.92
Period D 30 years
Monthly rate E=C/12/100 0.0040975
1 Calculation of EMI (monthly payments)
= PMT(0.0040975,360,200000)
= -$1,063.52
2 Total payments= No of installment X installment
= 30X12X1063.52
382867.2
3 Interest payment
= Total payment- Principal payment
= 382867.2-200000
= 182867.2
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