Question

Suppose you want to purchase a home for $375,000 with a 30-year mortgage at 5.94% interest. Suppose also that you can put down 30%. What are the monthly payments? (Round your answer to the nearest cent.) $ 1563.71 What is the total amount paid for principal and interest? (Round your answer to the nearest cent.) $ 300435.05 x What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.) $ 165742.71

Answer 1

Total amount of Interest and principal paid = number of months payment*Monthly payment

=30 years *12*1563.71

=$562935.6

So Answer is $562,935.69