Question
You are looking at buying a home with an asking price of $250,000.Since the market is hot, you plan to put in an offer for
You are looking at buying a home with an asking price of $250,000.Since the market is hot, you plan to put in an offer for the full asking price.You also plan to put a $40,000 down payment and finance the remainder.Your bank is offering you a 30-year loan at 4.25% APR (compounded monthly).Assume your first payment is made one month from today, calculate your monthly loan payment, calculate the total amount paid to the bank over the course of 30 years, calculate the total interest paid to the bank over the course of 30 years. Suppose you pay the bank $1,580each monthrather than making the required payment,calculate the number of months it will take to pay off the loan.(Enter a positive value and round to 2 decimals)
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