You are purchasing your first home. The cost of the home is $325,000 and you will be putting 20% of the price as your down payment. The loan will be for 30 years at an APR of 4.2%.
Monthly Payment Formula = p*(r/12)*( 1 + r/12 ) ( 12 * t) / (( 1 + r/12 )^( 12 * t) - 1 )
a)How much is each monthly payment?
b)How much did you spend in total for your home over 30 years?
c)What is the total amount of money for all of the payments?