Question

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Carla and Aaliyah want to buy a $227,000 home. They plan to pay 20% as a down payment, and take out a 30 year loan at 4.3% interest for the balance.

a) How much is the loan amount going to be?

b) What will the monthly payment be for Carla and Aaliyah?



c) How much of the first payment is interest? (Hint: Use simple interest for one month on the amount borrowed.)

d) What is the total of the payments?

e) How much interest was paid?

Answer 1

Answers:
a) The loan amount is $181,600.
b) The monthly payment is approximately $898.78.
c) The amount of the first payment that is interest is approximately $654.67.
d) The total of the payments over 30 years is approximately $323,561.60.
e) The total interest paid over 30 years is approximately $141,961.60.

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