Find her monthly payment and the total amount of interest she will pay.

Question

A woman buys a house for a $325,000. She pays

​$30,000 down and takes out a mortgage at

7.5% for 15 years on the balance. Find

her monthly payment and the total amount of interest

she will pay.

Answer 1

Monthly Payment (if the annual interest rate compounds monthly): $2,734.69

Monthly Payment (if the annual interest rate compounds annually): $2,784.98

Total Amount of Interest (if the annual interest rate compounds monthly): $610,488.26

Total Amount of Interest (if the annual interest rate compounds annually): $577,868.82