Calculate amount of interest paid over life of mortgage

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Reference no: EM131498735

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 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 30th 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 170th 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 $

Reference no: EM131498735

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