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Suppose you borrow $350,000 for a home with a mortgage to be repaid at a 6% annual interest rate, payable monthly, over 30 years. Under

Suppose you borrow $350,000 for a home with a mortgage to be repaid at a 6% annual interest rate, payable monthly, over 30 years. Under these terms, what would be your monthly mortgage payment (C), and what would be the total interest (or finance charge) paid to the bank over the 30-year life of the loan?

Monthly Mortgage Payment (C) =

Total Interest (Finance Charge) Paid to the Bank =

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