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Looking To Buy A Home With An Asking Price Of $225 000

Since the market is hot, you plan to put in an offer for

Question

Looking to buy a home with an asking price of $225,000. Since the market is hot, you plan to put in an offer for

full asking price. You also plan to put a $45,000 down payment and finance the remainder. Your bank is offering you a 30-year loan at 4.125% APR (compounded monthly). Assume first payment is made one month from today and you make all of the payments on time, calculate the total amount paid to your financial institution.

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