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

Anonymous
timer Asked: Nov 29th, 2015

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?

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