Question

Suppose you want to purchase a $287,000 home, and you have the required $64,000 down payment in savings. Complete the table presented by a mortgage broker. Principal $223,000 Interest Rate 3.625% Terms (years) 20 Payment Total of Payments over Life of Loan Total Interest Paid over Life of Loan Complete the table below. (years) | Payment Total of Payments over Life of Loan Principal Interest | Terms Rate $223,000 3.625% 20 (Round to the nearest cent as needed.) Total Interest Paid over Life of Loan $

Answer 1

Principal	Interest rate	terms	Payment	total of payment over the life of loan = monthly payment*number of months	total interest paid over the life of loan - total of payment over the life of loan-principal amount
223000	3.63%	20 Years	1348.72	323692.8	100692.8
Monthly Payment	Using PMT function in MS excel	pmt(rate,nper,pv,fv,type) rate = 3.625%/12 =.30308% nper =12*20 =240 pv =223000 fv =0 type =0	PMT(0.30208%,240,230000,0,0)	($1,348.72)

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