Suppose a few years into your professional career you decide it is time to move out of your apartment and purchase an upscale condominium. The condo will require you to borrow $525,000, and the current annual interest rate on a 30-year fixed rate mortgage is 4.5%. This 4.5% annual rate implies that you will be borrowing at a monthly rate of 0.375% for your mortgage. Based on this information, what will be your monthly mortgage payment (C = PMT) for your luxury condominium? Finally, how much total interest (in dollars) will you pay to the lender over the life of your 30-year loan? Note that your 30-year mortgage means you will be making 360 total monthly payments to retire the loan. Monthly Mortgage Payment, C = PMT in $:

Total Interest Paid to the Bank over 30 Years: