Problem 7-1 (LG 7-4) You plan to purchase a $250,000 house using a 30-year mortgage obtained...

Transcribed Image Text:

Problem 7-1 (LG 7-4) You plan to purchase a $250,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 4.5 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. ok b. Calculate the amount of interest and, separately, principal paid in the 30th payment. c. Calculate the amount of interest and, separately, principal paid in the 200th payment. ht d. Calculate the amount of interest paid over the life of this mortgage. nces (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal C. Amount of interest Amount of principal d. Amount of interest paid Amount Problem 7-1 (LG 7-4) You plan to purchase a $250,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 4.5 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. ok b. Calculate the amount of interest and, separately, principal paid in the 30th payment. c. Calculate the amount of interest and, separately, principal paid in the 200th payment. ht d. Calculate the amount of interest paid over the life of this mortgage. nces (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal C. Amount of interest Amount of principal d. Amount of interest paid Amount