Calculate the amount of principal paid

Reference no: EM132041333

Question: You plan to purchase a $220,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 4.75 percent. You will make a down payment of 10 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 30th 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 170th 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))

Reference no: EM132041333

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