Find the ​total amount paid​ on a 30-­year mortgage for $53,000 with an interest rate of 4.25%.

Answer 1

P = Po*r*T/(1-(1+r)^-T),
r = 0.0425/12 = 0.00354 = Monthly % rate.
T = 30yrs * 12mo./yr. = 360 months.

P = (53,000*0.0425*360)/(1-1.00354^(-360)) = $93,839.79.