You plan to purchase a $100,000 house using a 30-year mortgage obtained from local credit union. The mortgage rate offered to you is 8.25%. You will make a down payment of 20% of the purchase price.
-Calculate your monthly payments on this mortgage.
-Calculate the amount of interest and, separately, principal paid in the 25th payment.
-Calculate the amount of interest and, separately, principal paid in the 225th payment.
-Calculate the amount of interest paid over the life of this mortgage.