Your classmate tells you the details of the great deal he got on his mortgage: 30-year 3.

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Question description

  1. Your classmate tells you the details of the great deal he got on his mortgage:  30-year 3.5% fixed rate with a 10% down payment.  

    1. If his new home costs $136,000, what is his down payment?

$13,600

    1. How much is he going to borrow to buy the house (assuming he only has the money to make the down payment from part a)?

$122,400

    1. Use Excel’s PMT function to determine how much his monthly payments would be.

    1. How much will he pay in interest over the lifetime of this mortgage?

Tutor Answer

(Top Tutor) Daniel C.
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School: University of Maryland
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