A Building Sells for $350,000 $\$ 1000$ Of Mortgage
(Includes Principle and Interest)

question 48

Essay

A building sells for $350,000.00. The buyer makes a 20% down payment and obtains a 30-year mortgage at 6.5% (i) Find the down payment.
(ii) Find the amount of the mortgage.
(iii) Find the monthly payment.
(iv) Find the total interest paid.

Monthly Payment per $\$ 1000$ of Mortgage
(Includes Principle and Interest)
$\quad$ $\quad$ $\quad$ $\quad$${\text { Number of years }}$
$\begin{array}{c|c|c} \text { Rate (\%) } & 15 & 30 \\\hline 6.5 & \$ 8.71 & \$ 6.32 \\7 & \$ 8.99 & \$ 6.65 \\7.5 & \$ 9.28 & \$ 6.99 \\8 & \$ 9.56 & \$ 7.34\end{array}$