Calculate the amount of interest paid over life of mortgage

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Reference no: EM131462345

You plan to purchase a $100,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25%. You will make a down payment of 20% of the purchase price.

a. Calculate your monthly payments on this mortgage.

b. Calculate the amount of interest paid over the life of this mortgage.

Reference no: EM131462345

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