Reference no: EM131313152
You plan to purchase a $130,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a down payment of 20 percent of the purchase price. SHOW WORK PLEASE
a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Monthly payment $
b. Calculate the amount of interest and, separately, principal paid in the 80th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
Amount of interest $
Amount of principal $
c. Calculate the amount of interest and, separately, principal paid in the 100th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
Amount of interest $
Amount of principal $
d. Calculate the amount of interest paid over the life of this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Amount of interest paid $
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