am I doing this right

1. Joe puts 20% down on a $350,000 house. He will finance the rest on a 15-year loan at 7.25% interest, and will be making monthly payments. a) Find the amount he needs to finance. 207. of 350000 = 70000 = down payment 350000 - 70000 - 1280000 0.0725 15-12- 180 b) Find the amount of his monthly payment. PMT-A (40) = 280000 1-(146015)-180 $2556.02 c) Find the total amount of money he paid over the life of the loan. 2556.02(180) 3460082.90 d) Find the total amount of interest he paid. 460082.90 280000 = $ 180082.90 2. After making regular payments for 8 years, Joe (from #1) wins the lottery and pays off the loan. 15-8-7 ~n 7.12 ~ n = 84 a) Find the payoff amount A = PMT (16** **) (1+(1+ 0.0725,-84 A-258.02 (141* ) = A = $167991.13 0.0225 72 b) Find the total amount of money paid over the life of the loan. 2556.02 (84)- $214705.68 c) Find the total amount of interest he paid. 214705.68 - 147991.13 = $46714.55 d) How much did Joe save by paying the loan off early