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You plan on purchasing a $650,000 home. Youll put 20% down and borrow the balance from Santander Bank. You borrow the money on a 30-year

You plan on purchasing a $650,000 home. Youll put 20% down and borrow the balance from Santander Bank. You borrow the money on a 30-year loan with an APR of 6.5%.

What is your monthly mortgage?

N =

PMT =

FV =

I =

PV =

P/Y =

Five years later, what is the balance on the loan?

N =

I =

PV =

PMT =

FV =

P/Y =

In the first five years, how much interest did you pay?

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