Question

1. Danielle obtained a $70,000 mortgageloan at 8.00% for 30 years.a. What is the monthly payment?b. What is the total amount paid?c. What is the total interest?

Answer 1

`\begin{gathered} 70,000(0.08/12)=70,000(0.0067) \\ =469\text{ }monthly \end{gathered}`
`\begin{gathered} Totalamountpaid=70,000+469(360)=70,000+168,840 \\ =238,840 \end{gathered}`
`Totalinterest=469monthly(360months)=168,840`