What is the total interest paid on the mortgage, Financial Accounting

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What is the total interest paid on the mortgage

Problem

You plan to purchase a $3,000,000 house using a 20-year Mortgage obtained from your bank. The Mortgage rate offered to you is 8.75%. You will make a down-payment of 20% of the Purchase Price.

i. What Is your down-payment amount?
ii. Calculate your monthly payments on this Mortgage?
iii. Over the lifetime, what is the Total Interest paid on this Mortgage?
iv. At the end of 12-years, after 144 payments, what is the Balance amount remaining in the Mortgage?

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Financial Accounting: What is the total interest paid on the mortgage

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Financial Accounting: What is the total interest paid on the mortgage

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