You want to buy your dream house. The house is valued at $225,000. You will provide the down payment of 20% and borrow the rest, taking out a fully amortizing loan for the balance, at a 3.25% rate for 30 years. What will your monthly payment be and what will be the amount of interest paid over the first four years of the loan life?

Answer rating: 100% (QA)

To calculate the monthly payment for a fully amortizing loan we can use the loan payment formula P r ... View the full answer