Calculate your monthly payments on mortgage

Assignment Help Financial Management

Reference no: EM131499746

You plan to purchase an $110,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 5.5 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 100th 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 130th 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: EM131499746

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