Score: 0 of 1 pt 14 of 15 (10 complete) Hw Score: 60%, 9 of 15 pts 13.4.23 Quest

Question

Score: 0 of 1 pt 14 of 15 (10 complete) Hw Score: 60%, 9 of 15 pts 13.4.23 Question Help Suppose you want to purchase a $250,000 home, and you have the required $55,000 down payment in savings. Complete the table below for a mortgage option presented by a mortgage broker. Total of Paymentstal Interest Paid aver Life of Loan over Life of Loan erms PrincipalRte(years) $195,000| 3625% Payment 29 Complete the table below Total of Payments over Life of Loan Total Interest Paid over Life of Loan InterestTerms Principal | $195,000| 3.625% (Round to the nearest cent as needed.) Payment Rate (years) | 29 |S-I sl

Explanation / Answer

PV = 195,000

FV = 0

rate = 3.625%/12...............assuming the payments are monthly; please reply in comment if otherwise

N = 29*12

use PMT function in Excel

Payment (monthly) = 906.33

total payents = 906.33*29*12 = 315,401.62

total interest = 315,401.62 - 195,000 = 120,401.62

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