Answer:
Joe's monthly payment is $661 and his total interest cost is $127710.
Explanation:
Joe Levi bought a home for $147,000 and put down 25% and obtained a mortgage for 30 years at 6.00%
So, the amount of down payment
]
and the amount of mortgage will be:

Formula for monthly payment:
, where
Monthly payment,
Principal loan amount,
rate of interest per month and
total number of months.
Here,
,
and
months.
Plugging these values into the above formula, we will get.........
![M= 110250[(0.005)/(1-(1+0.005)^-^3^6^0)] \\ \\ M=110250[0.0059955...]\\ \\M=661.00445.... \approx 661](https://img.qammunity.org/2019/formulas/mathematics/high-school/v89au8pnccu02a2kc7sdu61222xu28lkv5.png)
So, Joe's monthly payment is approximately $661.
- Total amount paid in 30 years

So, Joe's total interest cost will be:
