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eddieozil10Lv2
22 Mar 2023
1. Determine the monthly payment for each mortgage. The interest is compounded monthly.
Mortgage amount
Amortization period
Interest rate
a.
$ 185 000
25 years
6.25%
b.
$ 220 000
30 years
5.75%
2. Determine the total interest paid for each of questions in question 1.
3. Ashlee purchased a house for $ 875 000. She made a down payment of 15% of the purchase price and took out a mortgage for the rest. The mortgage has an interest rate of 6.95% compounded monthly, and amortization period of 20 years. and a 5 year term. Calculate Ashley's monthly payment.
1. Determine the monthly payment for each mortgage. The interest is compounded monthly.
| Mortgage amount | Amortization period | Interest rate | |
| a. | $ 185 000 | 25 years | 6.25% |
| b. | $ 220 000 | 30 years | 5.75% |
2. Determine the total interest paid for each of questions in question 1.
3. Ashlee purchased a house for $ 875 000. She made a down payment of 15% of the purchase price and took out a mortgage for the rest. The mortgage has an interest rate of 6.95% compounded monthly, and amortization period of 20 years. and a 5 year term. Calculate Ashley's monthly payment.
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