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 one year ago
Helpppp.? How do I solve this.?[:
Brett has a 30year 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?
 one year ago
Helpppp.? How do I solve this.?[: Brett has a 30year 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?

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whpalmer4
 one year ago
Best ResponseYou've already chosen the best response.0That'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
 one year ago
Best ResponseYou've already chosen the best response.0The monthly payment is \[c = \frac{Pr(1+r)^N}{(1+r)^N1}\] 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
 one year ago
Best ResponseYou've already chosen the best response.0Which 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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