Question

​Mortgage Amount: $146,800.00 ​APR: 5.25 percent ​Term: 30 years ​a. Calculate the monthly payment: $______ ​ ​b. Calculate the total interest paid: $______

Answer 1

divide 146800.00 by 30 to get yearly and then by 12 to get monthly
146800/30/12=407.78

times that by 1.0525 for the monthly interest payment 429.19 is your first answer.

for total interest paid 146800*1.0525= 223870-146800=77,070 the second one which is the answer for hope this helps

Answer 2

The monthly payment for the loan is $1892 and the total interest paid is $ 534,579.7

Explanation:

We know that the toal loan payment TP is:

TP = L*(1+ARP)^n

Where is the periods of time and L the mortgage loan:

I = $ 146,800.000 * (1+0.0525)^30 = 146,800.000 $ * 4.641 = $ 681379.700

By subtracting the borrow money, we find the total interest paid TI:

TI = TP- L = $ 681,379.700 - $ 146,800.000 = $ 534,579.7

Then the monthly payment is obtaining by dividing the total payment by the amount of mounth in 30 years:

PM = $ 681379.700 / (30*12 months) = $ 681379.700 / 360 months)

PM = $ 1892