What Is the Monthly Payment on a 20 Year Mortgage

question 69

Essay

What is the monthly payment on a 20 year mortgage of $85,000 at 9% interest per year, compounded monthly? What is the total amount paid on this loan over the 20 year period?

---

Definitions:

Traditional IRA

A tax-advantaged retirement account allowing individuals to make pre-tax contributions, with taxes deferred until withdrawals in retirement.

Deductible Contributions

Contributions made to certain types of retirement accounts or health savings accounts that can be subtracted from taxable income.

Fully Taxable

Relates to income or transactions that are subject to tax at the full applicable rate without any exemptions or deductions.

IRA Distribution

An IRA distribution is a withdrawal from an Individual Retirement Account, which can be subject to taxes and, in some cases, early withdrawal penalties.