# Question: a homebuyer borrows 400000 to be repaid over a 20...

###### Question details

A homebuyer borrows 400,000 to be repaid over a 20 year period with level monthly payments beginning one month after the loan is made. The interest rate on the loan is a nominal annual rate of 12% convertible monthly. Find using mathematical formulas:

a. the total principal paid on the loan over the first 15 years

b. the total interest paid on the loan over the first 15 years