Please help with all three sections Thanks Westley Finch buy

Westley Finch buys a house in Conshohocken for $275,000. He makes a 20% down payment (so that he does not have to pay any mortgage insurance) and then he finances the remaining balance with a 30 year mortgage in which he will make equal payments at the end of each month. The annual interest rate is 3.6% and interest is compounded monthly. (a) What regular payment must Westley make at the end of each month in order to ammortize his loan? (b) Assuming that Westley makes all of his payments on time, how much interest does Westley pay? (c) After making 10 years of payments, Westley wins the Powerball lottery. (Woohoo!) He decides to immediately pay off his remaining balance in one lump sum. What is the amount of this payment?

Solution

Loan payment = 80% of 275000 = 220000

a) Regular monthly payment =1000.21

b) Total interest paid by Wesley = Total payments - principal

= 360079.12-220000

=140079.12

c) After 10 years equal monthly instalments Balance outstanding = 170457.78

Hence amount to be paid = 170457.78

Loan Amount	$ 220000
Down Payment	$ 0
Monthly Payment	$ 1000.21
# of years	30