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?
Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga.
Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus.
Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
total sum of the payments of course.
how much is a monthly payment?
Not the answer you are looking for? Search for more explanations.
payment formula ...
Would it be P = r(PV)/1-(1+r)^-n?
Thanks. Hope im right. :)
it not D, and your formula looks correct
I never use that form tho, ive never liked it
my form goes like this:
we have our loan amount as B
our compounding setup is k
and n is the number of compounding periods
then we simply add up all the payments made of 25 years
If you take any random answer from a spammer, your bound to 'not get it right'
Ok thanks! So I just take $2551.56 and multiply it by 25? Sorry, I really suck at math...
Wait. Thats not one of my answer choices... That was probably wrong, huh?
25 years of payments, 12 a year
25*12*P should get us where we need to be