Amount of interest paid over the life of the mortgage

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Reference no: EM131057089

Mr. and Mrs. Smith bought an RV for $85,000. They made a 20% down payment, with the balance amortized by an 8-year mortgage at 7% interest compounded monthly. a) What is their monthly payment? b) What is the total amount of interest paid over the life of the mortgage? c) Write out the amortization schedule for the first 4 payments.

Reference no: EM131057089

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Amount of interest paid over the life of the mortgage : Mr. and Mrs. Smith bought an RV for $85,000. They made a 20% down payment, with the balance amortized by an 8-year mortgage at 7% interest compounded monthly. a) What is their monthly payment? b) What is the total amount of interest paid over the lif..

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