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Mortgage according to the loan agreement

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What is the future value of $100 a month for 48 years at 8 percent interest? Assume monthly compounding.

What is the future value of $100 a month for 41 years, beginning today at 8 percent interest? Assume monthly compounding

You borrow $245,000 to buy a house. The mortgage rate is 4.5 percent and the loan period is 30 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much total interest will you pay?

Reference no: EM131226870

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