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# Assume that you have purchased a new home and arranged for a mortgage in the amount of \$190,000. The loan is at 4.00 percent over 30 years.

1.              Assume that you have purchased a new home and arranged for a mortgage in the amount of \$190,000.  The loan is at 4.00 percent over 30 years.

a.               What is your monthly payment?

b.              How much of the loan's principal will you pay over the first 3 years of the loan?

c.               How much total interest will you pay over the last 10 years of the loan?

d.              What will be your loan balance after 15 years?

e.               What is the effective rate on your loan?

Answer a)Your monthly payment = 907.09 b) loan's principal will you pay over the... View the full answer

1 comment
• when I put the formula to e in my calculator, I get 1.04. could you please try again to show me how to get 4.07
• wb08465
• Dec 04, 2018 at 10:17am

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