How much interest will your mortgage accrue over the lifetime of your loan? Home Price: $339,000...
How much interest will your mortgage accrue over the lifetime of your loan?
Home Price: $339,000 USD
15% down payment of selling price
25 year term loan with a 3% annual interest rate
Homework Answers
Ans $ 125546.03
| Loan = | Cost- Downpayment |
| 339000 - 15%*339000 | |
| 288150 | |
| P = | Regular Payments |
| PV = | Loan Amount |
| r = | rate of interest |
| n = | no of periods |
| P = | r (PV) |
| 1 - (1 + r )-n | |
| P = | 3% * 288150 |
| 1 - (1 / (1 + 3%)^25)) | |
| P = | 8644.5 |
| 0.522394431 | |
| P = | 16547.841040 |
| Total Amount paid for loan = | EMI * NO of EMI |
| 16547.841040 * 25 | |
| 413696.03 | |
| Interest = | Total Amount paid for Loan - Loan amount |
| 413696.03 - 288150 | |
| 125546.03 |
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