Price of the house: $360,000, Mortgage Interest Rate: 5.6%, Term of Mortgage in years: 15.

1. What will your monthly mortgage payment be? Do not round any intermediate computations. Round your final answer to the nearest cents. 

2. Assuming you take the full term of the mortgage, how much will you have paid? how much total interest will you have paid? what percent of the total that you paid was interest?

 

Answer rating: 100% (QA)

To calculate the monthly mortgage payment we can use the formula for calculating the monthly payment ... View the full answer