How much total interest will you pay over that time period, Finance Basics

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How much total interest will you pay over that time period

Problem

You need a 30-year, fixed-rate mortgage to buy a new home for $275,000. Your mortgage bank will lend you the money at an APR of 5.35 percent for 30 years. What is your required monthly payment?

Show what the amortization schedule would look like for the first 12 months by completing the table below. How much total interest will you pay over that time period?

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Finance Basics: How much total interest will you pay over that time period

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