Question:

I buy a three-bedroom, two-bath house priced at $500,000. I am required to put down a $50,000 down payment in cash before closing on the home. The remainder of the cost of the house will be financed at a 6.7% interest rate for the next thirty years.

1. What is my monthly payment? Round to the nearest penny.

2. How much, in total, do I pay in interest? Use your answer from (a) to calculate this.