Buying a home

Cost of home = $595,000

Down payment is 10%

30 year payment

Fixed loan rate of 4.5%

1) Find the Monthly payment needed to finance home (must show your work).

2) Find the total cost to repay loan if regular payments are made for the full 30 years (the

loan does not include the down payment)

3) What is the amount of interest paid if the loan goes full term?