An individual plans to buy a house for $200,000. She will put 20% down, and finance the rest with a 20 year mortgage at a fixed

Question

An individual plans to buy a house for $200,000.
She will put 20% down, and finance the rest with a 20 year mortgage at a fixed rate of 5%.
a) What will be the monthly payment for the loan?
b) In total, how much interest will be paid over the term of the loan?
c) How much interest is paid in the first month?

Kunduz · Accepted Answer

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