You purchase a house that costs 850000 with an 8 30 year, Finance Basics

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You purchase a house that costs 850000 with an 8 30 year

Question: You purchase a house that costs $850,000 with an 8%, 30 year mortgage. you are required to make a down payment of 20%.

a. What is your monthly payment ?

b. What is the principal balance after 8 years and 2 months ?

c. What is the total amount of interest you will end up paying over the life of the mortgage?

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Finance Basics: You purchase a house that costs 850000 with an 8 30 year

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Finance Basics: You purchase a house that costs 850000 with an 8 30 year

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