7. You put down 20% to buy a house priced at $250,000. For the remaining 80%,...

 

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7. You put down 20% to buy a house priced at $250,000. For the remaining 80%, you take out a 30-year simple interest amortized loan at 51% annual interest. (a) Find the size of the monthly payment. (b) Find the total interest you have to pay over the life of the loan. (c) If you want to pay off your loan 10 years after the start of the loan, how much do you need? What's the total interest that you have paid in these 10 years? 7. You put down 20% to buy a house priced at $250,000. For the remaining 80%, you take out a 30-year simple interest amortized loan at 51% annual interest. (a) Find the size of the monthly payment. (b) Find the total interest you have to pay over the life of the loan. (c) If you want to pay off your loan 10 years after the start of the loan, how much do you need? What's the total interest that you have paid in these 10 years?

Answer rating: 100% (QA)

a Finding the size of the monthly payment 1 Calculate the loan amount Loan amount 250000 20 250000 2... View the full answer