Asked by Adam
Suppose you buy a home and finance $255,000 at $2,293.17 per month for 30 years. What is the amount of interest paid? (Round your answer to the nearest cent.)
Answers
Answered by
Reiny
They probably just want you to do this:
$2293.17(360) - $255,000 = $570,541.20
However that is an invalid operation and invalid question,
since the calculation covers different intervals of time.
e.g. $1000 today is not the same value as $1000 five years from now.
A more interesting question would have been, what was the rate of interest?
$2293.17(360) - $255,000 = $570,541.20
However that is an invalid operation and invalid question,
since the calculation covers different intervals of time.
e.g. $1000 today is not the same value as $1000 five years from now.
A more interesting question would have been, what was the rate of interest?
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