can someone help me with this problem please?
Danielle bought a house for 215,000. She financed 189,375 of the purchase price with a 15-year, fixed-rate mortgage with a 6.15% interest rate. What is the total cost of the principal and interest after 15 years?
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what is our monthly payment?
@amistre64 how do i figure that out?
you find your formula for the monthly payment, and then realize that when you purchase a loan, you are paying for the time it would have taken you to save it up to start with ... you are paying for the interest.
total cost = total payments
total payments = loan amount + interest
subtract the loan amount from both sides and what you have is interest ...