Louisiana State University, Shreveport FIN FIN 701 1.You are about to buy a home; the purchase price of the car is…
You are about to buy a home; the purchase price of the car is $200,000 and you are paying 20% of that amount as a down payment and financing the remainder. Your mortgage loan terms are 30 years of monthly payments at an annual rate of 3.8%.
(a) How much are your monthly mortgage payments?
N =360 ; I/Y =.3166667 ; PV =160000 ; PMT = $745.53, FV =0
(b) Over the life of the loan, how much did you pay in interest?
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