A person pays $200,000 for a new house. A down payment of $70,000 leaves the mortgage of $130,000 with interest computed at 10% per year compounded monthly. Determine the monthly mortgage payment, total payment, and the total interest if loan is to be repaid over 30 years.
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Monthly payments for a $200,000 mortgage. Where to get a $200,000 mortgage.
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Monthly payments for a $200,000 mortgage.
Interest rate Monthly payment (15 year) Monthly payment (30 year)
5.00% $1,581.59 $1,073.64
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