Calculate the amount of interest paid

Assignment Help Finance Basics

Reference no: EM132041320

Question: You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5 percent. You will make a down payment of 15 percent of the purchase price.

a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Monthly payment $

b. Calculate the amount of interest and, separately, principal paid in the 25th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

Amount of interest $
Amount of principal $

c. Calculate the amount of interest and, separately, principal paid in the 140th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

Amount of interest $
Amount of principal $

d. Calculate the amount of interest paid over the life of this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Amount of interest paid $

Reference no: EM132041320

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