Question
You as a homebuyer decide to buy a $255,000 home and putting down 8% of the purchase price as a down payment. You obtain a
You as a homebuyer decide to buy a $255,000 home and putting down 8% of the purchase price as a down payment. You obtain a 30-year fixed-rate mortgage with an annual interest rate is 5.85 percent. (A.) How much must you pay monthly on your mortgage? Show clearly all work, carrying all calculations out to four (4) decimal places. Give your answer in a dollars and cents format. Highlight in bold your answer. (5 pts. (B.) Under this mortgage how much will you pay in interest on the 71 st payment (to the nearest dollar)? Show clearly all work. Give your answer in a dollars and cents format. Highlight in bold your answer. (2 pts. (C.) Under this mortgage how much will you have paid in total principal on your mortgage after 211 payments? Show clearly all work. Give your answer in a dollars and cents format. Highlight in bold your answer. (2 pts. (D.) Under this mortgage how much will you have paid in total interest on your mortgage over the life of the mortgage (i.e., 360 payments)? Show clearly all work. Give your answer in a dollars and cents format. Highlight in bold your answer. (1 pt.
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