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Suppose you borrowed $200,000 for a home mortgage on January 1, 2015 with an annual interest...

Suppose you borrowed $200,000 for a home mortgage on January 1, 2015 with an annual interest rate of 6% per year. The balance on the mortgage is amortized over 30 years with equal monthly payments at the end of each month. (This means the unpaid balance on January 1, 2045 should be $0).

(a) What are the monthly payments?

(b) How much interest was paid during the 30 years of the mortgage?

(c) What is the unpaid balance on the mortgage on January 1, 2025?

Math   Calculus   
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