3. You want to buy a house by borrowing $300,000 at 3.85% over 30 years. What...

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Answer 1

Answer #1

3. Loan Amount (P) = $300,000

Interest rate = 3.85%

Periodic Monthly interest (r) = 0.0385/12 = 0.00320833

Loan Period = 30 years

Monthly Loan Period(n) = 30 years*12 months = 360

calculating monthly loan amount:

Monthly Payment = $ 1406.42

Final Total Payment = ($1406.42*360)

= $506311.2

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Answer 2

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