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Can anyone check and see if this is correct?

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Can anyone check and see if this is correct?This is what i got for my Monthly payment and Total interest problem.
We have been renting a small apartment but decide to purchase a house. we Found one that is selling for $400,000. we decide to make a 20% down payment on a 30-year mortgage at 3.75%.

Answer each of the following questions separately, showing all your work to reach each answer.

a. How much will they need for the down payment?

20% of $400,000.00 = .02 * 400,000 = $80,000

They will need to pay $80,000 for down payment.

b. What will be the mortgage amount (ie the principal)

The principal will be Total cost – down payment

400,000 – 80,000 = 320,000

The mortgage amount will be $320,000.00

c. How much will their monthly payment be for the principal and interest?

Using the monthly payment formula M = P(r/12)

————

1-(1+r\12)^-12t

P= 320000, r = 3.75% or 0.0375 , t = 30

M = 320000 (0.0375 / 12)

—————————–

1-(1+ 0.0375/12) ^-12(30)

M= $1481.97

d. How much total interest will they pay if they take the full 30 years to pay off the mortgage?

Total amount to repay the loan = 12 payments per year * 30 years = 360

360 * 1481.97 = 533509.2

533509.2 – 320000 = $213509.2 Total interest

Can someone confirm that i did this correctly ? Thank you

 
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