Mathematics, 10.07.2019 02:00 lberman2005p77lfi
Consider a home mortgage of $225,000 at a fixed apr of 4.5 % for 30 years. a. calculate the monthly payment. b. determine the total amount paid over the term of the loan. c. of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
Answers: 1
![M= \frac{P(1+r)^nr}{[(1+r)^n] -1}](/tpl/images/0071/5659/8423b.png)
, where P = the principal amount, r = the monthly interest rate and n = the total number of months. 
![M= \frac{P(1+r)^nr}{[(1+r)^n] -1}\\ \\ M= \frac{225000(1+0.00375)^3^6^0*0.00375}{(1+0.00375)^3^6^0 -1}\\ \\ M= \frac{225000(1.00375)^3^6^0*0.00375}{(1.00375)^3^6^0 -1} \\ \\ M \approx 1140](/tpl/images/0071/5659/d05b5.png)
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Consider a home mortgage of $225,000 at a fixed apr of 4.5 % for 30 years. a. calculate the monthly...
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