You can afford a $1350 per month mortgage payment. You’ve found a 30 year loan at 7% interest.

A) How big of a loan can you afford?

B) How much total money will you pay the loan company?

C) How much of that money is interest?

A) The loan amount you can afford is, $177,690.52

B) There will be paid a total of $486,000 to the loan company over the course of 30 years.

C) $308,309.48 of the total money you will pay the loan company is interest.

Given that,

You can afford a $1350 per month mortgage payment.

And, found a 30-year loan at 7% interest.

A) Using the formula for calculating the monthly mortgage payment, we can rearrange it to solve for the loan amount:

Loan Amount = [tex]\frac{Monthly Payment }{(Monthly Payment * (1 + (\frac{1}{1+Monthly Payment )^{Number of payments} } }[/tex]

Plugging in the given values:

Monthly Payment = $1350

Monthly Interest = 7% / 12

= 0.00583

Number of Payments = 30 years × 12 months

= 360

Hence,

Loan Amount = [tex]\frac{1350}{(0.00583 (1 + \frac{1}{1+ 0.00583)^{360} } )}[/tex]

By evaluating this expression,

the loan amount you can afford is,

$177,690.52

B) The total money you will pay the loan company,

Total Money Paid = Monthly Payment × Number of Payments

Total Money Paid = $1350 × 360

= $486,000

Therefore, you will pay a total of $486,000 to the loan company over the course of 30 years.

C) the amount of money which is interest,

Interest Paid = Total Money Paid - Loan Amount

Interest Paid = $486,000 - $177,690.52

= $308,309.48

Hence, $308,309.48 of the total money you will pay the loan company is interest.

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