Compute the monthly payment and interest cost for a mortgage.
Round to the nearest cent. The cost of a Chicago townhouse you are interested in is $255,400. Chase bank offers a 20-year loan at an interest rate of 4.5% and requires a 15% down payment.
1.) Find the required down payment.
2.) Find the amount of the mortgage.
3.) Find the monthly payment.
4.) How much will you end up paying for the townhouse?
5.) How much of this is interest?