Question: You plan to purchase a $220,000 house using a 30 -year mortgage obtained from your local credit union. The mortgage rate offered to you is

You plan to purchase a $220,000 house using a 30 -year mortgage obtained from your local credit union. The mortgage rate offered to you is 4.75 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgoge. b. Calculate the amount of interest and, separately, principal paid in the 30 th poyment. c. Calculate the amount of interest and, separately, principal paid in the 170 th payment. d. Colculote the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Calculate the future value in six years of $7,000 received today if your investments pay for the following interest rates. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
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