Exercise 20. Loan Payments A home mortgage of $400,000 with a fixed APR of 3.5% for 30 years (20a) Calculate the monthly payment Рx(АPR РMТ [1-(1 (-пY) APR n $400, 000 x 0.035 12 (-12x30) [1-(1 0.035...

Part a. Loan payments you borrow $100,000 over a period of 30 years at a fixed APR of 5.5% calculate the monthly payment Part b. Determine the total amount paid, then figure out what percentage is paid towards the principal and what percentage is paid for interest. Please solve part A and B they go together. I included an example problem


Extracted text: Exercise 20. Loan Payments A home mortgage of $400,000 with a fixed APR of 3.5% for 30 years (20a) Calculate the monthly payment Рx(АPR РMТ [1-(1 (-пY) APR n $400, 000 x 0.035 12 (-12x30) [1-(1 0.035 12 $1, 796.18 (20b) Determine the total amount paid over the term of the loan. $1.796.18 x 12 x 30 = $646, 624.35 (20c) Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest? $400, 000 $646, 624.35 $646, 624.35 - $400, 000 $646, 624.35 % toward principal x 100% = 61.85% %3D % toward interest x 100% = 38.15% O


Extracted text: (20a) Calculate the monthly payment APR Px РMТ %3D [1-(1+ APR 72