Question: CNBC.com reported mortgage applications increased 9.9% due to a decrease in the rate on 30-year fixed rate mortgages to 4.03%. Dennis Natali wants to purchase

CNBC.com reported mortgage applications increased 9.9% due to a decrease in the rate on 30-year fixed rate mortgages to 4.03%. Dennis Natali wants to purchase a vacation home for $200,000 with 20% down. Calculate his monthly payment for a 20-year mortgage at 6.5%. Calculate total interest.

Monthly payment = ?

Total Interest = ?

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