Financial Formula

Question

You ' ve secured a mortgage on your house for $150, 000 @ 3.19 % for 20 years - how much is your
monthly payment. What will the total interest amount to?

Answer 1

Irwin, you have just submitted quite a few problems--your entire homework, I guess!

 

You're in a class where formulas have been given for various financial situations.

Review them, look at examples (until you understand how & why), and then get to work.

 

It's just a matter of substituting values into appropriate formulas.

 

We are not subcontractors (working for free) for you.

Answer 2

Because this website doesn't seem to allow for editing, whenever formulas are involved, please see the work-out of a prior problem, involving the payments on a Toyota Camry. The correct formula for this, given the '^' symbol for exponents, has the following values: p=[150,000]/[1-(1+(0.0319/12)^-240)/(0.0319/12) P=150,000/[1-(1+0.0026583)^-240 / (0.0319/12] p=[150,000]/[(1-0.5287997238)/(0.0319/12) P=[150,000]/[(0.4712002762)/(0.0026583)] P=[150,000]/[177.256245] P=846.23 Due to rounding, the HP12-C came up with: $843.99 For the amount of interest, assuming that the manual calculation is correct: $846.23 * 240 = $203,095.20 After deducting the principal (PV), we get interest payments totaled about: $53,095.20