Name: Owen May

Let's say you are buying a home, putting $15\%$ down and financing the rest with a $30-$year

mortgage. The price of the home you are buying is $$1,000,000$ and the APR is $6\mathrm{.}85\%.$

Determine your monthly payment amount.

$R^{}=$

Assuming you pay only the monthly payment each month, how much will you pay in total

over the life of the loan?

Assuming you paid only the monthly payment each month as in question $2,$ how much of

your total paid will have been interest?

How much of your ${12}^{th}$ payment will go towards the principal of the loan?

What is the remaining principal on your loan at $15$ years?