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How much is each monthly payment

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How do you Calculate this question? You plan to buy a $240,000 house with a 30 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?

b) How much interest will you pay with (=in) your 75th payment?

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: EM132008224

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