ine High School 2019-2020 / Math / PVOnline Applied Math 10.2 Monthly Payment and Tot 30 Monthly Payment for a $1,000 Loan Interest Length of Loan in Years Rate 20 25 5.00% $6.60 $5.85 55.37 5.50 6.88 6.14 5.68 6.00 7.16 6.44 6.00 6.50 7.46 6.75 6.32 7.00 7.75 7.07 6.65 7.50 8.06 7.39 6.99 8.00 8.36 7.72 7.34 8.50 8.68 8.05 7.69 9.00 9.00 8.39 8.05 *See the Appendix on page A13 for an expanded form, Monthly Payment pr(1+r)" (1+r)^_1 Show calculations. b. Find the total amount paid. c. Find the total interest paid. 2. Mortgage: 595,000; Years: 30; Interest Rate: 6%. a. Find the monthly payment using the table above. b. Find the total amount paid. c. Find the total interest paid. d. Find the monthly payment to the nearest cent using the formula above. Do not round until your final answer. e. What is the difference (in dollars) in interest if you use the formula versus the table? Bonus: How much can you save in total interest by making a $30,000 down payment rather than a $10,000 down payment on a $140,000 home financed at 7.5% for 20 years