Richard miyashiro purchased a condominium and obtained a 20-year loan of $196,000 at an annual interest rate of 8.30%. (round your answers to the nearest cent.)
(a) what is the mortgage payment? $
(b) what is the total of the payments over the life of the loan? $
(c) find the amount of interest paid on the mortgage loan over the 20 years. $

(a) $ 1,676.21

(b) $ 402,289.22

(c) $ 206,289.22

Step-by-step explanation:

Given,

The present amount of the loan, PV = $ 196,000

Time = 20 years,

So, the number of months, n = 12 × 20 = 240

Also, the annual rate = 8.30 % = 0.083,

So, the monthly rate, r =

(a) Hence, the mortgage payment or monthly payment,

(b) The total payment = monthly payment × number of periods

= 402289.220249

≈ $ 402,289.22

(c) Interest paid = total payment - present value of loan

= 402289.22 - 196,000

= $ 206,289.22

the square root of 16 is 4.

4*4 = 16