Problem
Assume that a piece of property is purchased for $500,000. A 20% down payment is made and the rest is financed through a 30-year mortgage loan with a 5.25 % annual interest rate, compounded monthly. The loan will be repaid in equal monthly payments. Calculate the monthly payments. What is the total interest paid through the life of the loan?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.