You decide to take out a 30-year mortgage loan to buy the, Financial Management

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You decide to take out a 30-year mortgage loan to buy the

You decide to take out a 30-year mortgage loan to buy the home of your dreams. The home purchase price is $1,000,000. You manage to scrape together a $200,000 down payment and plan to borrow the balance of the purchase price. Hardy Savings and Loan Association quotes you a fixed annual loan rate of 3 percent. What will your monthly payment be? If you sell your house in 15 years, what will be the balance on the loan? What will be your total payment? Your principal payment? Your interest payment?

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