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How much will you pay each month

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Question - Congratulations! You have done very well since graduating from UC Merced and are ready to consider buying your first home.  At present, you have a very solid job and marketable skills which leads you to expect to remain employed in your profession for at least the next thirty years.  Assume you do not know your current "credit rating" but you wish to purchase a home costing $500,000. Assume you could secure a loan with a 5% APR.

What is the "size" of your mortgage? How much will you pay each month assuming you receive a thirty year mortgage?  Over the life of your loan, how much in total will you pay the lender?

Reference no: EM132919399

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