Price of home is $1099900.00 a. 10% down-payment is made and the remaining amount must be borrowed b. the rate of interest is 5% c. payment frequency is 12x a year or monthly d. the term of the mortgage is 5 years (term of the mortgage – you will have to renew several times over the 25-year amortization period) e. the amortization period is 25 years (total # of years to pay off the home)

Calculate 

1. the monthly mortgage payments,

 2. the amount of interest paid for the term 

3. the amount of interest for the amortization period 

4. the total cost of your home at the end of the amortization period (Principal paid + Interest paid = Total paid)

Answer rating: 100% (QA)

To calculate the mortgage payments amount of interest paid for the term amount of interest for the amortization period and the total cost of the home ... View the full answer