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Please Help me with all 3 questions please. I really need these. I promise I will give a thumbs up Amortization Suppose you want to
Please Help me with all 3 questions please. I really need these. I promise I will give a thumbs up
Amortization
Suppose you want to borrow $200,000 from the bank to buy a home and agree to repay the loan in 360 equal monthly payments, including all interest due. The bank charges 0.35% per month on the unpaid balance (4.2% per year compounded monthly).
Answer the following questions about this loan.
- How much is the monthly payment? Round to the nearest cent. ________________
- After making 360 monthly payments, how much will you have paid in total to the bank? Round to the nearest cent. _____________________
- After making 360 monthly payments, how much of what you paid the bank was interest? to the nearest cent. _________________
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