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).

A) Assume your first payment is made one month from today, calculate your monthly loan payment and calculate the total amount paid to the bank over the course of 30 years

B) Calculate the total interest paid to the bank over the course of 30 years.

C) If you pay off $1580 monthly on the loan, how many months will it take to pay off?

I had wrong answers of 1064 / 3,305,423 / 2,134,211 / 387