anonymous
  • anonymous
Helpppp.? How do I solve this.?[: -Brett has a 30-year fixed rate mortgage for $112,500 with monthly payments of $603.92. The annual interest rate is 5%. What is the total cost of the principal and interest for this loan rounded to the nearest dollar?
Mathematics
katieb
  • katieb
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whpalmer4
  • whpalmer4
That's going to be the number of payments * the monthly payment. Number of payments is number of years * 12 months / 1 year * 1 payment / month
whpalmer4
  • whpalmer4
The monthly payment is \[c = \frac{Pr(1+r)^N}{(1+r)^N-1}\] where \(P\) is the principal borrowed, \(r\) is the monthly interest rate (expressed as a decima)l, which equals the annual interest rate (expressed as a decimal) divided by 12, and \(N\) is the number of payments.
whpalmer4
  • whpalmer4
Which we don't need to compute because the problem gives it to us! :-) Figure out the number of monthly payments in 30 years, multiply by the monthly payment, and round to the nearest dollar.

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