SOLUTION: Fifteen years ago a couple purchased a house for $180000 by paying a 20 % down payment and financing the remaining balance with a 30-year mortgage at 6.12% % compounded monthly.

Question 1206657: Fifteen years ago a couple purchased a house for $180000
by paying a 20 % down payment and financing the remaining balance with a 30-year mortgage at 6.12%
% compounded monthly.
(a) Find the monthly payment for this loan.
Monthly Payment:
(b) Find the balance of the loan after
years 13 and after 14
years?

(c) Find the total amount of interest paid by the couple during the 14th year.
Interest Paid During 14th year:
Answer by saradeitz8324(3) (Show Source): You can put this solution on YOUR website!
So first you take 180,000 and multiply it by .2 for 20% to get 36,000.(How you get .2 is to move the decimal to places to the left.)Then subtract36,000 from 180,000 to get 144,000 . Then you multiply the mortgage rate .0612 by 144,000 to get 8812.8 .you have to add 8812.8 with 144,000 to get 152,812.8 . Then the monthly payment will be 424.48. After 13 years they paid 66,218.88 . After 14 years they paid 71312.64 . The interest for 14 years is 4,364.33 .
RELATED QUESTIONS
Fifteen years ago a couple purchased a house for $150,000.00 by paying a 20% down payment (answered by ikleyn)

Fifteen years ago a couple purchased a house for by paying a 20% down payment and... (answered by math_tutor2020)

Fifteen years ago a couple purchased a house for $150,000.00 by paying a 20 % down... (answered by Theo)

you bought a house for $160,000. paying 10% down and financing the rest at 8% interest... (answered by rfer)

Martha brought a $500,000.00 house, paying 10% down, and financing the rest at 5%... (answered by addingup)

Jenelle bought a home for $470,000, paying 20% as a down payment, and financing the rest... (answered by Boreal)

Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment,... (answered by ikleyn,math_tutor2020)

Roberto bought a $230,000 house, paying 20% down, and financing the rest at 4% interest... (answered by ankor@dixie-net.com,Theo)

Gene purchased a condo for 90,000. He made a 15% down payment and assumed a 9% morgage... (answered by mananth)