anonymous
  • anonymous
Help?? Darby bought a house for $445,000. She financed $356,175 of the purchase price with a 25-year, fixed-rate 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
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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amistre64
  • amistre64
total sum of the payments of course. how much is a monthly payment?
anonymous
  • anonymous
Is there a formula that goes with this?
amistre64
  • amistre64
yes, its in your materials

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More answers

amistre64
  • amistre64
payment formula ...
anonymous
  • anonymous
Would it be P = r(PV)/1-(1+r)^-n?
anonymous
  • anonymous
Thanks. Hope im right. :)
amistre64
  • amistre64
it not D, and your formula looks correct
amistre64
  • amistre64
I never use that form tho, ive never liked it my form goes like this: \[Bk^n\frac{k^n-1}{k-1}=P\] we have our loan amount as B our compounding setup is k and n is the number of compounding periods
amistre64
  • amistre64
356175k^(25*12)(k-1)/(k^(25*12)-1), k=1+.0715/12 http://www.wolframalpha.com/input/?i=356175k%5E%2825*12%29%28k-1%29%2F%28k%5E%2825*12%29-1%29%2C+k%3D1%2B.0715%2F12 then we simply add up all the payments made of 25 years
amistre64
  • amistre64
If you take any random answer from a spammer, your bound to 'not get it right'
anonymous
  • anonymous
Ok thanks! So I just take $2551.56 and multiply it by 25? Sorry, I really suck at math...
anonymous
  • anonymous
@amistre64
anonymous
  • anonymous
Wait. Thats not one of my answer choices... That was probably wrong, huh?
amistre64
  • amistre64
25 years of payments, 12 a year 25*12*P should get us where we need to be
amistre64
  • amistre64
it was almost right lolo
anonymous
  • anonymous
Oh! Its A! Right?
amistre64
  • amistre64
765... yeah, thats what my calcs get me
anonymous
  • anonymous
Yay! Thank you!!!
amistre64
  • amistre64
good luck

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