Calculate your monthly payments on mortgage

Assignment Help Financial Management

Reference no: EM131831162

You plan to purchase an $140,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 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))

b. Calculate the amount of interest and, separately, principal paid in the 120th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

c. Calculate the amount of interest and, separately, principal paid in the 150th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

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))

Reference no: EM131831162

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