Fixed-rate mortgage-what should be monthly mortgage payment

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1. You need a 30-year, fixed-rate mortgage to buy a new home for $640,000. Your mortgage bank will lend you the money at a 9% APR for this 360-month loan. What should be the monthly mortgage payment?

2. Same question as above, what is interest and balance paid in the 13 to the 25th years?

Reference no: EM13944451

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Fixed-rate mortgage-what should be monthly mortgage payment : You need a 30-year, fixed-rate mortgage to buy a new home for $640,000. Your mortgage bank will lend you the money at a 9% APR for this 360-month loan. What should be the monthly mortgage payment? Same question as above, what is interest and balance ..

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What should be the monthly mortgage payment : You need a 30-year, fixed-rate mortgage to buy a new home for $640,000. Your mortgage bank will lend you the money at a 9% APR for this 360-month loan. What should be the monthly mortgage payment?

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