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Answer:
a) payment: $1082.84
b) interest: $194,822.40
Step-by-step explanation:
The monthly payment on the mortgage can be found using the given formula with the given values of principal (P=195000), interest rate (r=0.053), and time period (t=30). The value of n is 12, corresponding to the number of months in a year.
<h3>a)</h3>The monthly payment is ...
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<h3>b) </h3>The interest owed is the difference between the total of monthly payments and the principal of the loan:
interest owed = (360)(1082.84) -195000 = 194,822.40
The interest owed over 30 years is $194,822.40.