A house sells for 415500 and a 5 down payment is made A 15ye

A house sells for $415,500 and a 5% down payment is made. A 15-year mortgage at 6.5% was obtained. Find the monthly payment and the total interest paid

Solution

.95(415000)=$394,250

1-(1.005416667)^-180

/.005416667/1.005416667X= $394,250

X=3,415.84, assuming payments are made at the beginning of the month

total interest=3415.84*180-$394,250 = $220,600.94