To determine the monthly loan payment, total interest, and total cost for a 3-bedroom house priced at K120,000.00 with a down payment of K30,000.00, an interest rate of 9%, and a loan period of 5 years, you can use the formula for calculating the monthly payment of a fixed-rate mortgage:
Monthly Payment = P[r(1+r)^n] / [(1+r)^n-1]
Where:
P = Principal amount (Loan amount - Down Payment)
r = Monthly interest rate (Annual interest rate / 12 / 100)
n = Total number of payments (Loan period in years * 12)
Let's calculate:
P = K120,000.00 - K30,000.00 = K90,000.00
r = 9% / 12 / 100 = 0.0075
n = 5 * 12 = 60
Monthly Payment = K90,000.00[0.0075(1+0.0075)^60] / [(1+0.0075)^60-1]
Now, calculate the Monthly Payment.
Total Interest = (Monthly Payment * n) - P
Total Cost = Total Interest + P
Please calculate these values using the provided formulas.