Question: Please Help me with all 3 questions please. I really need these. I promise I will give a thumbs up Amortization *Background info* Suppose you

Please Help me with all 3 questions please. I really need these. I promise I will give a thumbs up

Amortization *Background info*

Suppose you want to borrow $200,000 from the bank to buy a home and agree to repay the loan in 360 equal monthly payments, including all interest due. The bank charges 0.35% per month on the unpaid balance (4.2% per year compounded monthly).

Amortization Revisit *New additional info*

Suppose you decide to wait 5 years to save up before buying the house. You are able to put a down payment of $30,000 on the house, so that you only need to borrow $170,000 from the bank. Assume the interest rate is still the same, but you are now in a better financial position, and you can pay off the loan in 240 equal monthly payments.

Answer the following questions about this loan.

  1. How much is the monthly payment? Round to the nearest cent. _____________________

  1. After making 240 monthly payments, how much will you have paid in total to the bank? Round to the nearest cent. __________________________

  1. After making 240 monthly payments, how much of what you paid the bank was interest? Round to the nearest cent. ____________________________

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