John Lee bought a home in Des Moines, Iowa, for $65,000. He put down 15% and obtained a mortgage for 30 years at 8 1/2%. What is (A) John's monthly payment and (B) the total interest cost of the loan?
A. $424.87;
B. $97,703.20

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The Answer of John Lee bought a home in Des Moines, Iowa, for $65,000. He put down 15% and obtained a mortgage for 30 years at 8 1/2%. What is (A) John's monthly payment and (B) the total interest cost of the loan?
A. $424.87;
B. $97,703.20

John Lee Bought a Home in Des Moines, Iowa, for $65,000