What amount will the buyer need for a down payment

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Assist for a better understanding with complete details of solving with detailed steps. Attach a written response.

A home is selling for $450,000 in a middle class section of Tucson and buyers are looking to make a 20% down payment. Buyers making a 20% down payment on a 20-year mortgage at 3.75% interest rate.

I. What amount will the buyer need for a down payment?

II. What will be the mortgage amount (ie the principal)

III. What will the total interest paid at full term of 20 years to pay off the mortgage?

Reference no: EM132359727

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