A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 one year ago
Help??
Darby bought a house for $445,000. She financed $356,175 of the purchase price with a 25year, fixedrate mortgage with a 7.15% interest rate. What is the total cost of the principal and interest after 25 years?
a. $765,468.00
b. $956,364.00
c. $774,442.25
d. $967,577.25
anonymous
 one year ago
Help?? Darby bought a house for $445,000. She financed $356,175 of the purchase price with a 25year, fixedrate mortgage with a 7.15% interest rate. What is the total cost of the principal and interest after 25 years? a. $765,468.00 b. $956,364.00 c. $774,442.25 d. $967,577.25

This Question is Closed

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1total sum of the payments of course. how much is a monthly payment?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Is there a formula that goes with this?

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1yes, its in your materials

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Would it be P = r(PV)/1(1+r)^n?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Thanks. Hope im right. :)

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1it not D, and your formula looks correct

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1I never use that form tho, ive never liked it my form goes like this: \[Bk^n\frac{k^n1}{k1}=P\] we have our loan amount as B our compounding setup is k and n is the number of compounding periods

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1356175k^(25*12)(k1)/(k^(25*12)1), k=1+.0715/12 http://www.wolframalpha.com/input/?i=356175k%5E%2825*12%29%28k1%29%2F%28k%5E%2825*12%291%29%2C+k%3D1%2B.0715%2F12 then we simply add up all the payments made of 25 years

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1If you take any random answer from a spammer, your bound to 'not get it right'

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Ok thanks! So I just take $2551.56 and multiply it by 25? Sorry, I really suck at math...

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Wait. Thats not one of my answer choices... That was probably wrong, huh?

amistre64
 one year ago
Best ResponseYou've already chosen the best response.125 years of payments, 12 a year 25*12*P should get us where we need to be

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1it was almost right lolo

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1765... yeah, thats what my calcs get me
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.