Example $8$

Sid has a mortgage, in the amount of$,$ $$250,000$ at an APR of $4\mathrm{.}5\%$ for thirty years.

a$.$ Find the monthly mortgage payment.

b$.$ Calculate the total interest paid over the life of the loan.

Example $9$

Ryan purchased a new condominium for $$175,000.$ He put $20\%$ down on the condominium and financed

the remainder at an APR of $5\%$ for $15$ years.

a$.$ Find the monthly mortgage payment.

b$.$ Calculate the total interest paid over the life of the loan.