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1. Suppose that 15 years ago you bought a home for $500,000, paying 20% as a down payment, and financing the rest at 5%
1. Suppose that 15 years ago you bought a home for $500,000, paying 20% as a down payment, and financing the rest at 5% interest for 30 years. How much money did you pay as your down payment? 2. At the time of purchase, $100,000 was given as a down payment. 3. How much money was your existing mortgage (loan) for? 4. What is your current monthly payment on your existing mortgage? Note: Carry at least 4 decimal places during calculations, but round your final answer to the nearest cent. 5. How much total interest will you pay over the life of the existing loan?
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