You plan to purchase a house for 425,000$ and you will make a 20% down payment. You will finance the balance with a 30 year fixed mortgage at 2.77%.

A. What will the monthly payment be?
B. Assuming you take the full mortgage, how much total interest will you have paid?

Please show step by step.

Question

01-10-2022
Mathematics

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You plan to purchase a house for 425,000$ and you will make a 20% down payment. You will finance the balance with a 30 year fixed mortgage at 2.77%.

A. What will the monthly payment be?
B. Assuming you take the full mortgage, how much total interest will you have paid?

Please show step by step.

Sagot :

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