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Laura and Martin obtain a 30-year, $180,000 conventional mortgage at 10.0% on a house selling for $210,000. Their monthly mortgage payment, including principal and interest, is $1566.00. Determine the total amount they will pay for their house. How much of the cost will be interest? How much of the first payment on the mortgage is applied to the principal?

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Answer:

total payment = $563,760

Interest = $383,760

Principal part = $66

Step-by-step explanation:

(a) total payment:

n = 30 years = 360 months

monthly payment = $1,566

Total payment = $1,566 * 360 months = $563,760

(b) interest:

Total payment = $563,760

Principal = $180,000

Total payment = Principal + Interest

Interest = Total payment - Principal

Interest = $563,760 - $180,000 = $383,760

(c) part of first payment applied to the principal:

First payment = $1,566

Principal = $180,000

Interest rate = 10% yearly = 10% / 12 = 0.8333% = 0.008333 monthly

Monthly interest = Principal * Interest rate = $180,000 * 0.008333 = $1,500

Principal part = $1,566 - $1,500 = $66

Hope this helps!

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