Question 1149998
Lynn bought a $300,000 house, paying 10% down, and financing the rest at 6% interest for 30 years.
a. Find her monthly payments.
b. How much interest will she pay over the life of the loan?
<pre>The other person is not even close. How can someone do monthly-payment calculation on a house using SIMPLE INTEREST? The correct monthly payment is: {{{highlight_green("$1,618.79")}}}
Now, you need to do some work!
Multiply that monthly payment by 360 (30 * 12 months), and then SUBTRACT the MORTGAGE loan ($300,000 * .9) to get the interest paid over the life of the loan. 
<b>FYI:</b> It is NOT 486,000.