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You have found your dream home, which is listed for $680,000. You put 20% of the price of the home as a down payment and
You have found your dream home, which is listed for $680,000. You put 20% of the price of the home as a down payment and take out a loan for the remaining cost. The bank offers you a 30-year fixed loan with 4.5% APR compounded monthly. Round all answers to the nearest cent. a. Calculate the principal amount financed (loan amount) after the 20% down: b. Calculate the minimum monthly payment: $ c. Calculate the total interest paid over the life of the loan if only the minimum monthly payments are made: $
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