Question: Suppose you borrow $ 2 5 0 , 0 0 0 to purchase a house. The terms of the mortgage are a 2 0 %

Suppose you borrow $250,000 to purchase a house. The terms of the mortgage are a 20%
down payment, and the rest is paid over 30 years at a rate of 5.5%.
What is the monthly mortgage payment?
What is the total interest paid over the first year of the mortgage?
What is the total interest paid over the first five years of the mortgage life?
What is the total interest paid over the life of the mortgage?

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