Will is buying a house for $185,000. He is financing $165,000 and obtained a 30-year, fixed-rate mortgage with?

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Will is purchasing a house for $185,000 and is financing $165,000 with a 30-year fixed-rate mortgage at an interest rate of 6.725%. What will his monthly payments be? 
Karen is financing a $285,000 mortgage for 30 years at a fixed rate of 7.15%. What will be the total cost of the principal and interest after 30 years? 
Archie is financing a condominium for $423,000 with a 30-year fixed-rate mortgage at an interest rate of 5.375%. How much interest will he pay over the life of his loan? Please round to the nearest dollar. 
Mercedes is considering two different mortgages for $142,000. She has found a 20-year fixed-rate loan at 7.45% and a 15-year fixed-rate loan at the same rate. How much more interest will she pay for the 20-year loan compared to the 15-year loan?

Anonymous · Accepted Answer

If you learn how to calculate the monthly payment — by financial calculator or Excel — the rest is pretty straight-forward. For Excel, use =PMT() formula and it will help you fill in the variables.

1. 1,067

2. 692,968. 1924.91 per month X 360 months

3. 429,725. (2,368.68 X 360) – 423,000

4. 37,285 Option 1 is 1,139.60 X 240 = 273,504 total payments; Option 2 is ,1,312.33 X 180 = 236,219. Since the principal payment is the same under both options, the difference is interest.

Anonymous · Answer

I’m not completely sure about this

Miss Katelin Collier PhD

Will is buying a house for $185,000. He is financing $165,000 and obtained a 30-year, fixed-rate mortgage with?

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