How much total interest will you pay over that time period

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Question: You need a 30-year, fixed-rate mortgage to buy a new home for $275,000. Your mortgage bank will lend you the money at an APR of 5.35 percent for 30 years. What is your required monthly payment?

Show what the amortization schedule would look like for the first 12 months by completing the table below. How much total interest will you pay over that time period? (If you are doing the problem manually i.e. not EXCEL, please round all numbers to the whole number).

Reference no: EM133335867

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