Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at 5% for 40 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.) Monthly payment Total interest Need Help? $ Read It Watch It Master It

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.