Monthly payment-total interest paid, Accounting Basics

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Monthly payment-total interest paid

Problem:

A couple has decided to purchase a $120000 house using a down payment of $18000. They can amortize the balance at 10% over 20 years.

Requirement:

Question 1: What is their monthly payment?

Question 2: What is the total interest paid?

Question 3: What is the equity after 5 years?

Question 4: What is the equity after 15 years?

Note: Please provide full description.

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Accounting Basics: Monthly payment-total interest paid

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Accounting Basics: Monthly payment-total interest paid

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