You plan to purchase an $60,000 house using a 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 8.5 percent. You will make a down payment of 10 percent of the purchase price.
a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Monthly payment $
b. Calculate the amount of interest and, separately, principal paid in the 260th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
Amount of interest $
Amount of principal $
c. Calculate the amount of interest and, separately, principal paid in the 290th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
Amount of interest $
Amount of principal $
d. Calculate the amount of interest paid over the life of this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Amount of interest paid $