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How much interest will you pay

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You plan to buy a $220,000 house with a 20 year mortgage with a 4.8% nominal annual rate (=A.P.R.) Payments are monthly, interest is monthly compounded, and you did not make a down payment. Assume you make all payments on time, at the end of the month. Answer the following questions.

a) How much is each monthly payment? [2 decimal places]

b) How much interest will you pay with (=in) your 75th payment? [2 decimal places]

c) Now assume you have made payments such that you only owe $150,000 on the mortgage. You decide to increase your payments by $100 per month. How many payments will it take to pay off your mortgage?

Reference no: EM131091058

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