Asked by lindaemory
shawn bought a home for $100000.he put 20% down and obtained a mortgage for 30 years at 51/2%.what is the total interest cost of the loan? i need the steps worked.
Answers
Answered by
Henry
% Loan = 100% - 20% = 80%.
Amt of Loan = 0.8 * $100,000 = $80,000.
Pt = Po*r*t / (1-(1+r)^-t),
r = (5.5% / 12) / 100$ = 0.00458 = monthly % rate expressed as a decimal.
t = 30yrs * 12mo/yr = 360mo.
Pt=80000*0.004583333*360/(1-(1.004583333)^-360 = $163,523.23.
Amt of Loan = 0.8 * $100,000 = $80,000.
Pt = Po*r*t / (1-(1+r)^-t),
r = (5.5% / 12) / 100$ = 0.00458 = monthly % rate expressed as a decimal.
t = 30yrs * 12mo/yr = 360mo.
Pt=80000*0.004583333*360/(1-(1.004583333)^-360 = $163,523.23.
Answered by
Henry
Int. = 163,523.23 - 80,000 = $83,523.23
Answered by
linda
well, the answer came out in ics as $104,480.00 but as i figured it 100,000/1000=100x5.68 so 5.68x360=204,480.00-100000.00=$104,480.00 that was i got but see is the 20% figured in that figure?
Answered by
Tom
$63,584.00is the correct answer.
$80 x 5.68 = 454.40
454.40 x 360 = 163,584.00
163,584.00 - 100,000 = $63,584.00
D.) $63,584.00
$80 x 5.68 = 454.40
454.40 x 360 = 163,584.00
163,584.00 - 100,000 = $63,584.00
D.) $63,584.00
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.