Question: You just bought a condo for $ 2 5 0 , 0 0 0 and paid $ 5 0 , 0 0 0 as down

You just bought a condo for $

250, 000

and paid $

50, 000

as down payment. The remaining amount is financed through a loan of

4.5 %

compounded monthly. The loan is for

15

years. You have to make monthly payments at the end of each month. What is your monthly payment? What is the balance of this loan after ten tears? What is the total interest paid on this loan for

15

years?

You just bought a condo for $250,000 and paid $50,000 as

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